Allergen Raises Earnings Forecast, Valeant Continues Takeover Bid
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Bloomberg reports pharmaceutical company Allergan “raised its earnings forecast, bolstering the drugmaker’s defense against Valeant Pharmaceuticals International Inc.’s (VRX) hostile takeover attempt.”
The company’s “Profit in the third quarter will be $1.76 to $1.78 a share, above the company’s previous forecast of $1.44 to $1.47.”
CEO David Pyott says the company’s forecast “further demonstrate that there is a vast value gap between Valeant’s offer and the intrinsic value of Allergan.”
Allergan, “which produces the Botox anti-wrinkle treatment and Refresh eye drops, said sales are climbing because of growth in international markets, increased market share for its products and new regulatory approvals for products in the U.S.”
Allergan and Valeant “have waged an escalating legal and public-relations battle, with Allergan criticizing Valeant’s strategy and Valeant arguing that Allergan is poorly managed.”
Summary by MedicalGroups.com
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