Allergan reports third quarter sales increase, responds to Valeant letter

Allergan has announced operating results for the quarter ended Sept. 30 and the declaration of a third-quarter dividend of $0.05 per share, payable on Dec.11 to stockholders on record as of Nov. 20, according to a company press release.

A 17.2% increase was seen in total product net sales at $1,790.7 million compared with total product net sales in the third quarter of 2013. Within this area, total specialty pharmaceuticals net sales increased 14.3%, and total core medical devices net sales increased 30.4%, according to the press release.

The company reported diluted earnings per share attributable to stockholders of $1.03, compared with $1.10 for the third quarter of 2013.

Allergan also reported $1.78 non-GAAP diluted earnings per share attributable to stockholders, marking an increase of 44.7% from the $1.23 non-GAAP diluted earnings per share attributable to stockholders seen during the same period last year.

In a separate press release, Allergan issued a statement responding to Valeant Pharmaceutical’s Oct. 27, 2014, letter to Allergan’s board of directors.

“If Valeant were to make an increased offer, the Board would carefully consider it and respond in due course,” the press release stated. “However, to date, as we have noted repeatedly, Valeant’s offers have been grossly inadequate and significantly undervalued Allergan. We believe Valeant’s letter today is simply a tactic to distract investors from Allergan’s outstanding third-quarter results.”

The release went on to state that Valeant’s most recent letter did not indicate an increased exchange offer price or disclose the mix of consideration. Additionally, the release noted that with the release of the third-quarter results, Allergan continues to increase the delivery of value to its stockholders.