Commenting on the Company's key highlights for 2016, Allergan Chairman and CEO Brent Saunders stated, "In 2016, Allergan completed its journey of significant change, creating a leading branded growth biopharmaceutical company. Throughout our journey, we sustained the growth of key brands in markets around the world. And, we have a pipeline transformed by our Open Science R&D strategy, with the deepest and broadest portfolio in our therapeutic areas."
Commenting on the Company's 2017 outlook, Saunders said, "We look forward to strong execution in 2017 to drive stronger shareholder return in the short- and long-term. Our team remains focused on driving our growth trajectory and we are very excited for the tremendous opportunities ahead."
For 2017, Allergan expects to deliver non-GAAP mid-single-digit top-line net revenue growth (versus 2016 non-GAAP net revenues) powered by new product launches, international growth and growth from key products.
Key assumptions underpinning this outlook include:
- RESTASIS® net revenue expected to remain stable.
- Continued erosion within the Company's Namenda franchise, with a generic NAMENDA XR® launch assumed in the fourth quarter of 2017, partially offset by solid performance of NAMZARIC®.
- Accretion from our recently announced acquisition of Lifecell is not included.
The Company also expects to achieve double-digit non-GAAP earnings per share (EPS) growth in 2017 driven by net revenue growth, operating expense management and previously announced capital deployment actions. More specifically, Allergan expects to hold non-GAAP Selling, General & Administrative (SG&A) and non-GAAP Research and Development (R&D) expense growth below the rate of net revenue growth. There is potential for modest downward pressure on gross margin as partnered products contribute more significantly to the Company's growth.
Furthermore, the Company expects decreased interest expense as a result of continued debt pay down of contractual maturities and decreased weighted-average share count as a result of the Company's previously announced $15 billion share repurchase programs, partially offset by a higher tax rate as the Company's tax rate returns to normalized levels in 2017 following the divestiture of the Actavis Global Generics business to Teva.
Detailed GAAP and non-GAAP 2016 financial results and 2017 financial outlook will be available along with the Company's fourth quarter and full year 2016 earnings report in February 2017.
The Goldman Sachs presentation will be webcast live and can be accessed on Allergan's Investor Relations web site at http://ir.allergan.com. The webcast can also be accessed through the following URL: https://cc.talkpoint.com/gold006/010517a_as/?entity=5_YOLTTUX.
An archived version will be available approximately two hours after the live presentation ends and can be accessed at the same locations for 180 days.
About Allergan plc
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global pharmaceutical company and a leader in a new industry model – Growth Pharma. Allergan is focused on developing, manufacturing and commercializing branded pharmaceuticals, devices and biologic products for patients around the world.
Allergan markets a portfolio of leading brands and best-in-class products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women's health, urology and anti-infective therapeutic categories.
Allergan is an industry leader in Open Science, the Company's R&D model, which defines our approach to identifying and developing game-changing ideas and innovation for better patient care. This approach has led to Allergan building one of the broadest development pipelines in the pharmaceutical industry with 70+ mid-to-late stage pipeline programs in development.
Our Company's success is powered by our more than 16,000 global colleagues' commitment to being Bold for Life. Together, we build bridges, power ideas, act fast and drive results for our customers and patients around the world by always doing what is right.
With commercial operations in approximately 100 countries, Allergan is committed to working with physicians, healthcare providers and patients to deliver innovative and meaningful treatments that help people around the world live longer, healthier lives every day.
For more information, visit Allergan's website at www.Allergan.com.
Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Allergan's current perspective of existing trends and information as of the date of this release. Except as expressly required by law, Allergan disclaims any intent or obligation to update these forward-looking statements. Actual results may differ materially from Allergan's current expectations depending upon a number of factors affecting Allergan's business. These factors include, among others, the difficulty of predicting the timing or outcome of FDA approvals or actions, if any; the impact of competitive products and pricing; market acceptance of and continued demand for Allergan's products; difficulties or delays in manufacturing; and other risks and uncertainties detailed in Allergan's periodic public filings with the Securities and Exchange Commission, including but not limited to Allergan's Annual Report on Form 10-K for the year ended December 31, 2015 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016. Except as expressly required by law, Allergan disclaims any intent or obligation to update these forward-looking statements.
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SOURCE Allergan plc