WASHINGTON (dpa-AFX) - Allergan Inc. (AGN) announced Monday that it has filed an investor presentation with the Securities and Exchange Commission. Allergan reiterated its belief that Valeant Pharmaceuticals International Inc.'s (VRX, VRX.TO) business model is unsustainable.
As previously indicated, Allergan and important members of the investment community have raised serious concerns about Valeant's anemic organic growth driven by unsustainable price increases, among other fundamental business model issues. Valeant has recognized that its current disclosures lack transparency and has committed to improving its disclosures. Allergan believes such improved disclosures are important, and expects those additional disclosures will confirm the concerns Allergan has raised with respect to Valeant's business model.
Valeant has yet to refute many of the concerns Allergan highlighted in its investor presentation filed with the SEC on June 10, 2014. When Valeant addressed these concerns, it neglected to provide either sufficient or transparent supporting data, Allergan said.
According to Valeant, 13 of its top 15 products are growing. However, Allergan noted thatValeant failed to deliver data supporting this claim. Allergan welcomes Valeant's promise to disclose sales for its top 15 products and respective product performance (including price and volume detail) during the upcoming the second-quarter earnings call and going forward.
Allergan said it continue to believe its franchises would be significantly at risk under Valeant's ownership.
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