Allergan Shares Get a Bump Following Update on Performance Outlook

Before the market open on Thursday, Allergan Inc.

AGN

issued a

in which the company revised its sales and EPS expectations. Following the release, shares of Allergan were trading up ~1.3 percent, at last check. In light of the revisions, Allergan CEO and Chairman of the Board said, "Today's announced expectations for the third quarter and updated future outlook further demonstrate that there is a vast value gap between Valeant's offer and the intrinsic value of Allergan." The company's new outlook includes:

Third Quarter 2014

A 17 percent year-over-year increase in net product sales
An increase in the estimated non-GAAP diluted EPS range from $1.44 - 1.47 to $1.76 - 1.78

Full-year 2014

Non-GAAP diluted EPS in the range of $6.20 - 6.25 up ~30 percent year-over-year
A 14 -15 percent increase in net product sales year-over-year

2015 & 2016

2015 non-GAAP diluted EPS ~$8.60
2016 non-GAAP diluted EPS $10.25

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