Raises guidance Q3 $1.76-1.78 v $1.64e (prior $1.44-1.47), FY14 $6.20-6.25 v $5.79e (prior $5.74-5.80), FY15 $8.60 v $8.26e (prior $8.20-8.40), FY16 $10.25 (prior $10.00)
Allergan expects product net sales for the third quarter of 2014 to increase in excess of 17 percent in dollars compared to product net sales for the third quarter of 2013, demonstrating a further acceleration in percentage sales growth.
Momentum derived from many sources: robust growth of worldwide markets in which Allergan operates; increases in market share in most categories; many regulatory approvals for new products in the U.S. and internationally; and targeted investments to create and grow new products and new categories. Exceptional growth in EPS from the acceleration in sales but also in leveraging of sales and marketing expenditures. The benefits from Allergans previously announced restructuring program will be reflected in the Companys actual results beginning in the fourth quarter of 2014 and continuing through 2015.
CEO: "Todays announced expectations for the third quarter and updated future outlook further demonstrate that there is a vast value gap between Valeants offer and the intrinsic value of Allergan. The Company continues to perform exceptionally well, driven by accelerating sales growth since early 2013 across a broad range of products and geographies."