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NAMSR News: Allergan's Sales Top Estimates; Considering Valeant Offer


 
PRLog - May 7, 2014 - ARLINGTON, Va. -- Allergan Inc. reported better-than-expected first-quarter profit on strong sales of Botox and other products and said it was reviewing an unsolicited $47 billion takeover bid from Valeant Pharmaceuticals International Inc.

In reporting its quarterly results on Wednesday, Allergan noted it has in place a one-year stockholder rights plan, commonly called a poison pill, meant to give the company more time to weigh the offer.

Excluding special items, Allergan earned $1.18 per share, well above the average analysts' forecast of $1.13 per share compiled by to Thomson Reuters I/B/E/S.

The company also raised its full year profit forecast, excluding special items, to between $5.64 and $5.73 per share. In February, it had predicted $5.36 to $5.48 per share.

"Allergan reported a solid start to 2014," Wells Fargo analyst Larry Biegelsen said in a research note. But he said Wall Street's focus will remain on Valeant's hostile bid.

Allergan earned $257 million, or 85 cents per share, in the quarter. That compared with $12.5 million, or 4 cents, in the year-earlier period, when it took a big charge for discontinued operations.

David Maris, an analyst with BMO Capital Markets, said Allergan's strong performance shows the company is well suited to remain independent.

"With Allergan hitting on all cylinders and topping expectations, we think that it is obvious that tinkering with Allergan's formula will only prove to be a distraction and, in our opinion, damage a business that is already performing well," Maris said.

Global company sales rose 13 percent to $1.62 billion, topping Wall Street expectations of $1.60 billion. Botox sales rose 9.6 percent to $502 million in the quarter, while prescription eye care drugs rose 9.2 percent to $730 million.

Company shares slipped 1.3 percent in morning trading on the New York Stock Exchange amid sharp declines for the drug sector.

Valeant teamed up with activist investor William Ackman on April 21 to make the offer for Allergan. Ackman's Pershing Square Capital Management had accumulated 9.7 percent of Allergan's common stock, making it the company's largest shareholder.

Valeant, which is based in Canada and therefore has a far lower corporate tax rate than the United States, has been on a buying spree since 2010 and last year acquired contact lens maker Bausch & Lomb Holdings.

Months before Valeant's offer, Allergan itself had approached drugmaker Shire Plc about a possible takeover but was rebuffed, Reuters reported last month, citing people familiar with the matter.

The preliminary approach for Shire, which is based in Ireland, did not progress to serious discussions between the two companies, the sources said. By buying Shire and relocating to Ireland, Allergan would have been able to lower its own tax rate, sources said.

CANDIDATES WHO WANT TO BREAK INTO MEDICAL SALES:

RMSR® Medical Sales Certification offered by the National Association of Medical Sales Representatives is designed for entry level medical device sales reps. The course covers a wide array of topics pertaining to industry knowledge that candidates need to acquire before applying to medical sales positions.

The course and training helps to develop the industry skills, maximizing the candidates’ potential and goals, as well as making them feel valued and stimulated in their role when communicating with members of the medical community. By an applicant acquiring medical sales training and a RMSR Certification, it puts him/her in a position of strength and qualifies them for medical sales jobs. Medical knowledge is key in this industry and when communicating with doctors, surgeons, and nurses etc. It is extremely important for representatives to use key terminology pertaining to the medical product he/she will be promoting. The only way to succeed in this industry is to garner actual sales. Doctors and Surgeons will not acknowledge a Sales Rep who is not proficient in essential medical terminology, knowledgeable of medical devices/equipment and the anatomy. For those lacking a solid sales background the RMSR course covers knowledge of medical selling techniques and regulation such as Effective Territory Management, Effective Networking, Medical Sales Ethical & Regulatory Guidelines and more.

The National Association of Medical Sales Representative™ (NAMSR) is the largest professional association in the world for Medical Sales Representatives. Through our numerous members, the NAMSR™ provides accredited training, continuing education, information about the industry, up-to-date news, programs to assist medical sales reps in their work, training programs to assist candidates who want to break into the industry and initiatives to improve communication with the medical sales field.

For more information on the NAMSR or the RMSR certification visit www.medicalsalescareer.com or call 800-313-9198

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Source:NAMSR
City/Town:Arlington - Virginia - United States
Industry:Biotech, Medical
Tags:namsr, rmsr, medical sales, certification, Training
Shortcut:prlog.org/12320417
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