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Financial Report: Allergan

May 7, 2014

Specialty pharma sales up 10% in the quarter

1Q Revenues: $1.6 billion (+13%)

1Q Earnings: $257.9 million (earnings were $14.4 million in 1Q13)

Comments: Specialty pharmaceuticals sales increased 10% to $1.4 billion, with Eye Care Pharmaceutical sales of $730.4 million, up 9%, and Botox/Neuromodulators sales up 10% to $501.8 million. Medical devices sales increased 29% to $259.8 million. Earnings in 1Q13 include $258.6 million from discontinued operations associated with the sale of the obesity intervention business unit. On April 22, Allergan received an unsolicited proposal from Valeant Pharmaceuticals to acquire all outstanding shares of Allergan for approximately $47 billion. The Allergan board is currently reviewing the proposal.