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May 27, 2014
08:33 EDTVRX, AGNAllergan files presentation showing concerns about Valeant's business model
Allergan (AGN) announced that it has filed an investor presentation with the Securities and Exchange Commission and posted the presentation under the ďInvestorsĒ section of the companyís website detailing its initial concerns about the sustainability of Valeant Pharmaceuticals (VRX) business model. Allergan retained two nationally-recognized financial consultants and forensic accountants, Alvarez & Marsal and FTI Consulting, to evaluate certain concerns about the inherent value of Valeantís business model and stock. With the assistance of these two independent firms, and in response to feedback from numerous Allergan stockholders and analysts, Allergan and its legal and financial advisors carefully analyzed publicly available data on Valeant and the opaque nature of Valeantís pro-forma driven financial reporting. Valeant will only be able to achieve a fraction of its stated SG&A and R&D synergies without destroying Allerganís near-term and long-term value. Valeant has indicated it will maintain R&D required for post-approval and maintenance, product line extensions and late phase projects, but drastically underestimates the spend required by approximately $350M. Moreover, Valeantís purported SG&A synergies are unrealistic given Valeantís goals, as communicated in numerous letters to its customers.
News For AGN;VRX From The Last 14 Days
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April 9, 2015
11:39 EDTVRXPershing Square, Valeant, Allergan drop lawsuit over buyout
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April 8, 2015
12:17 EDTVRXOn The Fly: Midday Wrap
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