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Allergan: Performance, Products, Pipeline and Potential


Description: 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 specialty 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 centered 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, centered mainly on ophthalmology, pain and the treatment of neurodegenerative diseases.


Contents: Latest Results 2
EXECUTIVE SUMMARY 5
Introduction 5

Current Financial Position 6
Business Segment Performance 6
Geographic Segment Performance.9

Company Strategy 11
Acquisitions and Divestitures 12
Acquisitions 12
Divestitures 13
Key Agreements 13
Discontinued Agreements 14
Product Performance Forecasts 15
Pipeline Analysis 16
Conclusions 17

THERAPEUTIC AREA FOCUS 21
R&D PIPELINE 22

NEUROSCIENCES 23
Marketed Products 23
Botox/Dysport 23
R&D Projects 29
AGN 203818 29
Growth Forecast 30

OPHTHALMOLOGY 31
Marketed Products 31
Alphagan/Alphagan P 31
Lumigan 34
Restasis 37
Others 38
R&D Projects 41
AGN-745 (Sirna-027) 41
Androgen Tear 41
Diquafosol 41
Panzem 42
Posurdex 42
Growth Forecast 44

UROLOGY 45
Sanctura 45
R&D Projects 47
Growth Forecasts 48

MEDICAL DERMATOLOGY 49
Marketed Products 49
Growth Forecast 51

APPENDIX 1 - FINANCIAL PERFORMANCE 55
Full Year Results 2007 55
APPENDIX 2 - KEY AGREEMENTS 58
Acadia Pharmaceuticals Inc 58
Asterand 59
Boehringer Ingelheim 60
EntreMed Inc 60
ExonHit Therapeutics SA 60
GlaxoSmithKline 62
Indevus Pharmaceuticals Inc 62
Inspire Pharmaceuticals Inc 63
ISTA Pharmaceuticals Inc 64
Ivivi Technologies 64
Kyorin Pharmaceutical Co Ltd 64
Ligand Pharmaceuticals Inc 65
Merck & Co 66
Merz + Co GmbH & Co 66
Miotech Inc 66
Novartis 66
Pfizer 67
Sanwa Kagaku Kenkyusho Co Ltd 68
Senju Pharmaceutical Co Ltd 68
Stiefel Laboratories Inc 69
Syntaxin Ltd 69
Valeant Pharmaceuticals International69
Other 70
APPENDIX 3 - INFRASTRUCTURE 71
Manufacturing Facilities 71
R&D Facilities 73
APPENDIX 4 - MAJOR PHARMACEUTICAL
SUBSIDIARIES/JOINT VENTURES 74
Joint-venture Company 77
APPENDIX 5 - PRODUCT INDEX 78

Index of Tables
Principal Operating Results 1
Sales By Business Area 7
Sales By Origin 9
Long-Lived Assets By Geographical Area 10
Recent Product Approvals 15
Major Products, Therapeutic Areas and Sales 21
Major Neurosciences Products, 2007 23
Major Ophthalmology Products, 2007 31

Index of Charts
Sales, Costs and Operating Income 6
Sales By Business Area, 2007 7
Sales by Origin 9
Sales of Major Products (2002A-2012E) 15
Top Selling Products, 2007 21
Botox Sales (2002A-2012E) 26
Alphagan Franchise Sales (2002A-2012E) 34
Lumigan Sales (2002A-2012E) 36
Restasis Sales (2002A-2012E) 38
Diquafosol Sales (2008E-2012E) 42
Posurdex Sales (2008E-2012E) 43
Sanctura Sales (2007A-2013E) 46
Sales, Costs and Operating Income 56
Profitability and Research Ratios 56
R&D Expenditure and Capital Expenditure 56
Current Assets, Liabilities and Ratio 57
Assets, Cash and Liquidity 57
Employees and Productivity 57


Summary: Pharmaceutical company intelligence reports provide a full review of the company's activities together with five-year sales forecasts for its key products. The company's financial performance is covered in-depth, from its latest results to a complete analysis of its latest full fiscal year and an outlook for the future. A section on company strategy covers mergers, acquisitions and divestitures, key agreements, products and R&D. An overview of key products and R&D is followed by a comprehensive review of the company's product portfolio and research and development pipeline by therapeutic area. In addition, supplementary appendices provide more in-depth information on financials, agreements and corporate events.


Companies Mentioned - Acadia Pharmaceuticals Inc - Asterand - Boehringer Ingelheim - EntreMed Inc - ExonHit Therapeutics SA - GlaxoSmithKline - Indevus Pharmaceuticals Inc - Inspire Pharmaceuticals Inc - ISTA Pharmaceuticals Inc - Ivivi Technologies - Kyorin Pharmaceutical Co Ltd - Ligand Pharmaceuticals Inc - Merck & Co - Merz + Co GmbH & Co - Miotech Inc - Novartis - Pfizer - Sanwa Kagaku Kenkyusho Co Ltd - Senju Pharmaceutical Co Ltd - Stiefel Laboratories Inc - Syntaxin Ltd - Valeant Pharmaceuticals International


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