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April 22, 2014
06:11 EDTAGN, VRX, JNJ, MRKWells says big pharma bidders could emerge for Allergan
Wells Fargo believes Allergan (AGN) wants to remain independent and says the "hurdle to convince the company to sell could be pretty high." Wells thinks Valeant's (VRX) low tax rate gives it room to raise its bid for Allergan, and it sees the potential for one or more big pharma bidders, such as Johnson & Johnson (JNJ) or Merck (MRK), emerging due to Allergan's "attractive eye care and aesthetics portfolio and pipeline." Wells believes a purchase price for Allergan of $50B or $165 per share could be justified.
News For AGN;VRX;JNJ;MRK From The Last 14 Days
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July 21, 2014
12:34 EDTVRX, AGNAckman says Valeant does not need to raise bid for Allergan
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12:34 EDTAGN, VRXAckman says market sees higher chance of Allergan, Valeant merger
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12:10 EDTAGN, VRXOn The Fly: Midday Wrap
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11:22 EDTVRX, AGNAllergan CEO: At the end of the day, it's up to Valeant to say what's going on
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11:15 EDTAGNAllergan to ask board to approve new form of compensation for top management
The new form of compensation will be pegged to delivering the EPS outlook given earlier today. Comments taken from Q2 earnings conference call.
11:06 EDTAGNAllergan cost cuts provide floor valuation, says BMO Capital
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09:10 EDTVRX, AGNOn The Fly: Pre-market Movers
HIGHER: Allergan (AGN), up 0.5% after Q2 results, FY14 outlook beat expectations and the company announces plans to reduce workforce by about 1,500 employees as part of restructuring. Also, Valeant (VRX) announced it has contacted both the SEC and Canadian financial authorities regarding Allergan's "apparent attempt to mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business"... Extreme Networks (EXTR), up 13% after raising Q4 EPS, revenue view... Gas Natural (EGAS), up 6% after confirming it rejected $13 per share unsolicited offer from Algonquin Power... EMC (EMC), up 4.5% after the WSJ says Elliot Management took a stake of over $1B in the firm and plans to push the company to break itself up... GoPro, (GPRO), up 2.8% after initiated at several firms including Citigroup, Barclays and JPMorgan... Kandi Technologies (KNDI), up 6% after China Daily said China will not to waive a sales tax on electric cars made by foreign companies. Tesla (TSLA) is down 1% following the report. UP AFTER EARNINGS: Halliburton (HAL), up 0.5%... LOWER: Reynolds American (RAI), down 2.3% after a Florida jury hit the company with $23.6B in punitive damages in a lawsuit filed by the widow of a longtime smoker. Shares of fellow tobacco companies also fell after the jury decision, as Lorillard (LO) fell 2% and Altria (MO) slid 1.6%... Yum! Brands (YUM), down 2% after AP reported that a Shanghai TV station said a food supplier sold expired beef and chicken to the company's KFC brand in China along with to McDonald's (MCD), which is down 0.7%. DOWN AFTER EARNINGS: PetMed Express (PETS), down 2.4%... Hasbro (HAS), down 1.3%.
08:07 EDTAGNAllergan: Approx. 94% of customer-facing personnel unaffected by restructuring
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08:06 EDTAGNAllergan sees Q3 EPS $1.44-$1.47, consensus $1.45
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08:05 EDTAGNAllergan sees FY14 total net product sales $6.9B-$7.05B
Sees total specialty pharamceuticals net sales $5.87B-$5.98B, total core medical devices net sales $1.01B-$1.05B. Sees FY BOTOX net sales $2.2B-$2.28B, LATISSE net sales $100M. Sees effective tax rate on non-GAAP earnings between 26% and 27%.
08:03 EDTAGNAllergan sees FY14 EPS $5.74-$5.80, consensus $5.70
Allergan reconfirms its aspiration of double digit sales growth across the strategic plan period (2014 through 2019), as the planned reductions in selling, general and administrative expenses and reduced focus on lower-value spend will have only a modest impact on the net sales growth. Allerganís strategic plan (2014 through 2019) is expected to deliver a compounded annual growth rate of greater than 20% EPS growth. Allergan estimates 2014 EPS between $5.74 and $5.80. Allergan estimates 2015 EPS between $8.20 and $8.40. Allergan estimates 2016 EPS at approximately $10.00. Allergan currently estimates that it will incur total non-recurring pre-tax charges of between $375 million and $425 million in connection with the restructuring and other costs, of which $65 million to $75 million will be a non-cash charge associated with the acceleration of previously unrecognized share-based compensation costs and certain other non-cash accounting adjustments. The restructuring charges and other costs will primarily consist of employee severance and other one-time termination benefits, facility lease and other contract terminations, accelerated depreciation and asset write-downs, accelerated equity-based compensation, temporary labor and duplicate operating expenses. These non-recurring charges will be incurred beginning in the third quarter of 2014 and are expected to continue through the second quarter of 2015.
08:02 EDTAGNAllergan to reduce workforce by approx. 1,500 employees
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08:01 EDTAGNAllergan reports Q2 adjusted EPS $1.51, consensus $1.44
Reports Q2 revenue $1.86B, consensus $1.77B.
07:21 EDTMRKGilead could be hurt by new HCV drugs, says Wells Fargo
Noting that data on a new Merck (MRK) HCV treatment is expected in November, Wells Fargo thinks Merck's HCV drug could be combined with Gilead's (GILD) Sovaldi to shorten the duration of treatment to four weeks. Other companies could take similar actions, and Gilead's per patient revenues would be significantly reduced if this occurs, the firm warned. However, it continues to have an upbeat outlook on Gilead heading into what it sees as a strong quarter and is still upbeat on the company's long-term HCV opportunity. It keeps an Outperform rating on Gilead.
07:15 EDTVRX, AGNValeant Allergan contacts Quebec, U.S. regulators regarding Allergan statements
Valeant (VRX) has contacted both the Autorite des marches financiers in Quebec and the SEC regarding Allergan (AGN) apparent attempt to "mislead investors and manipulate the market for Valeant common shares by continuing to make false and misleading statements regarding Valeant's business despite Valeant's public statements correcting such information." The latest statements were made last Friday when Allergan asserted in an SEC filing that Bausch + Lomb's pharmaceutical sales were stagnant or declining. Valeant's decision to contact the authorities also reflects concerns raised by several Canadian Valeant shareholders about comments made about Valeant by Allergan's management during recent meetings with these investors in Canada.
07:09 EDTVRX, AGNValeant, Ackman go to SEC over Allergan claims, CNBC reports
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06:43 EDTMRKGrowing market for hepatitis-C treatment prompts legal scramble, WSJ says
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06:34 EDTVRX, AGNCapital Research sells nearly all its Allergan stake, WSJ reports
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July 18, 2014
12:51 EDTAGN, VRXKey GOP senator signals readiness for inversion deal, The Hill says
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11:27 EDTVRX, AGNSamlyn undecided on support for Valeant bid for Allergan, Dow says
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