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Allergan plc. stock price
Allergan plc. latest news:
Allergan names current Catalent CFO as its CFO
Allergan PLC named Matthew Walsh its chief financial officer, when he formally joins the company "later this month." Walsh is currently the CFO of Catalent Inc. . Walsh will succeed Allergan's current CFO Tessa Hilado, who said in September that she would retire when a replacement was found. Allergan's stock, which slipped 0.3% in premarket trade, has slipped 1.4% over the past three months through Friday, while the S&P 500 has gained 6.7%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
BRIEF-European Commission Approves Amgen, Allergan's Mvasi
Amgen Inc(AMGN): * EUROPEAN COMMISSION APPROVES AMGEN AND ALLERGAN'S MVASI® FOR THE TREATMENT OF CERTAIN TYPES OF CANCER. * Amgen Inc (AMGN) - EUROPEAN COMMISSION HAS GRANTED MARKETING AUTHORIZATION FOR MVASI Source text for Eikon: Further company coverage:
BRIEF-Allergan Anticipates Q4 Net Deferred Tax Benefit Of $3.5 Bln To $4 Bln
* ALLERGAN - CURRENTLY ANTICIPATES RECORDING IN Q4 2017, NET
DEFERRED TAX BENEFIT OF $3.5 BILLION TO $4.0 BILLION RELATED TO
U.S. TAX CUT AND JOBS ACT
Allergan to cut more than 1,000 jobs as part of cost-cutting efforts
Allergan will cut more than 1,000 jobs as part of its cost-cutting efforts, the company said. Shares of Allergan have fallen 20.6% in the last 12 months.
Allergan will lay off 1,000 employees in effort to meet 2018 earnings goals
Allergan PLC plans to lay off 1,000 employees and eliminate about 400 open positions in an effort to meet 2018 non-GAAP performance net income per share goals, according to a financial filing posted on Wednesday. Allergan expects the restructuring will save it $300 to $400 million and cost about $125 million, largely due to severance. Most of the $125 million in charges will be recorded in the fourth quarter ending December 31, 2017, the company said, and do not include possible building closures and contract terminations, among other things. Allergan warned about a restructuring in November, when it discussed the upcoming loss of exclusivity for many of its products, including its key dry eye drug Restasis, on a company conference call. If a generic Restasis was launched in 2018, the competition could bring 2018 non-GAAP performance net income per share down to $15 or $16, the company said, though it didn't provide specific 2018 guidance. Allergan shares were up 0.8% in moderate midday trade on Wednesday. Shares have dropped 18% over the last three months, compared with a 6.6% rise in the S&P 500 and a 9.6% rise in the Dow Jones Industrial Average .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Pershing Square and Valeant reach agreement on settlement split
Activist investor William Ackman's Pershing Square said on Friday it had reached an agreement with Valeant Pharmaceuticals (VRX) to split settlement costs of a lawsuit related to Allergan Plc (AGN). Pershing Square said Valeant will now pay around 33 percent, or $96.25 million, of the settlement costs.
Valeant says parties in Allergan litigation have agreed to resolve claims of $290 million
Valeant Pharmaceuticals International Inc. said Friday that all parties in the Allergan Inc. shareholder securities litigation have agreed to resolve the claims that total $290 million, subject to court approval. The Quebec-based drug company said it will pay $96.25 million, or 33%, of the settlement. "Additionally, as part of the agreement, the company and the other defendants admit no wrongdoing," the company said. The other defendants include Pershing Square Capital Management L.P., the hedge fund run by activist shareholder Bill Ackman. "Though we always have remained confident in our position and were prepared to try these cases on their merits, this agreement will eliminate disruption to our business," Valeant Chief Executive Joseph Papa said in a statement. The litigation stems from an attempt by Valeant and Pershing to acquire Allergan in 2014. Allergan was later acquired by Actavis Plc. Valeant shares were slightly lower Friday, but have gained 45% in 2017, while the S&P 500 has gained about 20%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Allergan marketing application for acne drug accepted by FDA
Allergan PLC shares ticked higher in the extended session Wednesday after the drugmaker said the Food and Drug Administration accepted for review a marketing application for a new acne treatment. Allergan shares rose 0.2% to $166 after hours, following a 2.3% decline in the regular session. The company said the FDA accepted a New Drug Application for Seysara to treat moderate-to-severe acne in patients 9 years old and older. Allergan expects a decision on the application in the second half of 2018. Allergan has the U.S. rights to Seysara, while Paratek Pharmaceuticals Inc. retains rights outside the U.S. Paratek shares rose 4.5% to $18.55 after hours.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
UPDATE: Revance stock surges and Allergan drops on positive results for wrinkle injection
Revance Therapeutics Inc. shares surged nearly 38% in extremely heavy morning trade Tuesday after the company reported positive results for its wrinkle-relaxing injection in two late-stage clinical trials. If approved, the product, DaxibotulinumtoxinA for Injection (RT002), would be the first of its kind to last six months. Products currently on the market, including Allergan's market-leading Botox, last three to four months. Allergan shares dropped 3.2% in extremely heavy morning trade on Tuesday. In two trials, Revance's product showed highly statistically significant improvement relative to the placebo in reducing frown lines or wrinkles between eyebrows. The product is also being tested in a long-term safety trial, with results expected in the second half of next year; if the trial is successfully completed, Revance expects to file for approval in the first half of 2019 and, if it's approved, launch the product in the U.S. in 2020. Botox has been a wildly profitable product for Allergan, since patients largely pay out-of-pocket for it, and analysts have noted that new rivals could pose a long-term risk for the company. Revance's latest data are "better than their Ph 2 on several metrics," said EvercoreISI analyst Umer Raffat. But, with regard to being able to claim six months of effectiveness, Raffat said, "I think there's a case to be made for that, but that's not a layup." Raffat also noted that the product would likely be priced higher than Botox. In a statement to MarketWatch, Allergan called the Revance results "underwhelming." "Allergan does not expect Revance's toxin to enter the market until mid-2020, and we do not believe this data will support a longer duration claim," a company spokesperson said, adding that "based on the profile demonstrated in this data, Allergan does not view this toxin as being differentiated from Botox." Revance shares have surged 45.5% over the last three months to $35.80, compared with a 7.4% rise in the S&P 500 and a 11.7% rise in the Dow Jones Industrial Average .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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