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Financial Report: Allergan

July 21, 2014

Revenues up 17% in the quarter, plans to cut 13% of workforce

2Q Revenues: $1.9 billion (+17%)

2Q Earnings: $418.4 million  (+15%)

YTD Revenues: $3.4 billion (+15%)

YTD Earnings: $676.3 million (+80%)

Comments: Total specialty pharmaceutical sales were $1.5 billion in the quarter, up 13%. Eye Care Pharmaceutical sales were $827 million, up 15%. Botox/Neuromodulators sales were $579.4 million, up 13%. Skin Care and other sales were $119.7 million, up 7%. YTD13 earnings included $259 million in costs associated with discontinued operations. Allergan will execute a restructuring in the remainder of 2014 that it estimates will deliver savings of approximately $475 million in 2015. As part of the restructuring, Allergan will reduce its workforce by approximately 1,500 employees, or approximately 13%.
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