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Allergan: Performance, Products, Pipeline and Potential
Espicom Business Intelligence Ltd, Feb 2008, Pages: 78
Allergan, with headquarters in Irvine, CA, is a global specialty pharmaceutical company that develops and commercialises products for neurosciences, ophthalmology, medical dermatology, medical aesthetics, obesity intervention, urologics and other specialty markets. In addition to its discovery-to-development research programmes, Allergan has global marketing and sales capabilities in over 100 countries.
Allergan has chosen a distinct company strategy, focusing strongly on the development and marketing of speciality products. This tactic seems to have proved effective, with Allergan achieving a market leadership position in the area of neuromodulators with Botox, and in ophthalmology with its range of eye care therapeutics. In 2007, Allergan announced the takeover of Esprit Pharma Holding, which traditionally focuses on the field of urology, signalling a new area of focus for Allergan. The acquisition of Inamed should ensure Allergan maintains a strong presence in the field of medical aesthetics as well.
Botox is the company’s main growth driver, accounting for over a third of company revenue with sales in excess of US$1 billion. Allergan’s strong dependence on one key product may seem a concern, however, the company continues to invest significantly in Botox, with four line extensions currently in the R&D pipeline, further expanding the therapeutic market presence of the product. At present, Botox has few competitors in its marketed indications, however, Solstice Neurosciences is developing Myobloc/Neurobloc (botulinum toxin type B), which has been shown in trials to be as effective as Botox in certain indications. The launch of Myobloc may form the first significant threat to Allergan’s Botox franchise.
In recent years, Allergan’s level of R&D expenditure has fluctuated significantly. In 2003, the company invested 43.5 per cent of its revenue in R&D. In fiscal 2007, this ratio has fallen to 18.2 per cent, however, it remains higher than the market average of approximately 14 per cent. Allergan’s research remains highly focused and concentrated mainly into three key therapeutic areas. As already mentioned, much of Allergan’s research efforts are centred on maximising the value of Botox, however, the company has also nurtured several novel candidate compounds which may form the basis for long-term growth. Ophthalmology remains the key area of research, and the company’s three most promising projects, Panzem, diquafosol and Posurdex, all fall into this field. Furthermore, the company has several broad research agreements in place, centred mainly on ophthalmology, pain and the treatment of neurodegenerative diseases.
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