182.47 0.00 (0.00%)
After hours: 4:43PM EST
|Bid||178.68 x 800|
|Ask||182.44 x 800|
|Day's Range||180.76 - 182.50|
|52 Week Range||114.27 - 183.79|
|Beta (3Y Monthly)||1.66|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jan. 27, 2020 - Jan. 31, 2020|
|Forward Dividend & Yield||2.96 (1.63%)|
|1y Target Est||186.60|
Nov.11 -- Brent Saunders, Allergan Chairman & chief executive officer discusses striking a balance between blockbuster therapies and steady growth. He speaks with Bloomberg's Caroline Hyde on 'Bloomberg Markets.'
(Bloomberg) -- Biohaven Pharmaceutical Holding Co. is readying for what Chief Executive Officer Vlad Coric calls a “David versus Goliath” showdown with large-cap competitor Allergan Plc in a race to sell a new class of migraine medicines.A potential first-quarter approval of Biohaven’s rimegepant, a medicine that has shown clinical success in treating migraines, would place it behind competitor Allergan’s expected approval next month. However, publications in the New England Journal of Medicine and the Lancet medical journals paired with plans to use direct-to-consumer advertising may give Biohaven a leg up, Coric said.“Telemedicine, e-commerce, social media; we’re going to incorporate a modern day launch with a traditional launch as well,” Coric said in an interview at Bloomberg’s New York headquarters on Tuesday. “If you’re prepared to run your business -- that will also open up a lot of optionality,” Coric added, when asked about plans for potential partnerships or deals to better compete with larger peers.Coric said a potential partnership or deal would have to be more than an “incremental” step as the company looks to “build value year-over-year,” he said.Biohaven -- long the subject of deal speculation, including a Bloomberg report in April that the company was exploring a sale -- has continued to build out a commercial team for the migraine drug. The New Haven, Connecticut-based company elected to raise roughly $300 million in a June public share offering to help bolster its cash reserves as it makes the jump from development to commercialization.Upcoming results from a migraine prevention study of rimegepant could also position the company better to compete with Allergan as the maker of Botox gets closer to completing its sale to AbbVie Inc., according to Coric. If the results are positive in the coming months, “that would give patients one dose of one drug” to help both treat and prevent migraine attacks, he said.Coric wants investors who may be focused solely on the regulatory decision for the company’s migraine drug to know that Biohaven will have data from other later-stage assets in the coming months. If successful, results from troriluzole in Alzheimer’s disease and generalized anxiety disorder may offer the drugmaker an opportunity to “transform,” he said.To contact the reporter on this story: Bailey Lipschultz in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Catherine Larkin at email@example.com, Cristin Flanagan, Jeremy R. CookeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Zacks Analyst Blog Highlights: Booking, Allergan, Honda Motor, Infosys and Activision Blizzard
(Bloomberg) -- AbbVie Inc. sold $30 billion of bonds to help finance its acquisition of Allergan Plc as investors flocked to buy a piece of the largest debt sale this year. Demand for the notes was strong with the order book peaking at $77 billion.The drug maker capitalized on some of the cheapest borrowing costs of the year, with risk premiums over Treasuries at the lowest level since October 2018. That should encourage more borrowers to come forward, with investment-grade syndicate desks projecting another $17 billion in sales this week on top of AbbVie’s expected offering.Read more: IG ANALYSIS: AbbVie Prints $30b Through Curve; $73b Final BookAbbVie’s sale tops the chart as the biggest bond sale this year and it’s the fourth largest of all time. The offering came in 10 parts with the 30-year security yielding 1.90 percentage points above Treasuries, after initially discussing around 2.1 percentage points, according to people with knowledge of the matter, who asked not to be identified as the details are private. Investors placed about $77 billion in orders, people familiar with the order book said.AbbVie agreed to buy Allergan in June for $63 billion in one of the largest pharmaceutical deals this year. It should bring much-needed diversity to the acquirer’s line-up, as AbbVie’s cornerstone drug Humira, which treats arthritis, has been facing more competition, especially in Europe. U.S. antitrust officials are still reviewing the deal, which the companies expect will close early next year.The deal is expected to take the combined company’s debt to more than three times a measure of its earnings, credit raters have said. Still, Moody’s Investors Service has left its rating on AbbVie unchanged at two levels above speculative grade, as the transaction should generate significant free cash flow. S&P Global Ratings, however, said it will likely cut AbbVie one level to BBB+, three levels above junk.Read more: Corporations Pile Into Bond Market as Borrowing Costs DropManagement has reiterated its intention to pay down debt, to achieve a ratio of net debt to Ebitda -- earnings before interest, tax, depreciation and amortization -- of 2.5 times by the end of 2021. Further deleveraging through 2023 is possible, Chief Financial Officer Rob Michael said on an earnings call earlier this month.Morgan Stanley, Bank of America Corp. and Barclays Plc managed the bond sale, the person said.\--With assistance from Brian Smith.To contact the reporter on this story: Elizabeth Rembert in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Nikolaj Gammeltoft at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Allergan, the manufacturers of BIOCELL textured “gummy” breast implants, is the target of a proposed national class-action lawsuit by consumer-rights law firm FeganScott. The suit claims that although the FDA issued a recall for Allergan’s BIOCELL products, the company has no plans to provide medical monitoring for individuals at risk of developing breast implant-associated anaplastic large cell lymphoma (BIA-ALCL).
Teva Pharmaceutical (TEVA) misses earnings estimate but beats the same for sales. The company increases the lower end of its 2019 sales and earnings guidance. Shares rise.
Novo Nordisk (NVO) and Allergan (AGN) release Q3 results. FDA approves Sanofi's quadrivalent flu vaccine for older adults and Novartis' long-acting biosimilar version of Amgen's Neulasta.
Botox, Juveederm fillers, Vraylar drive Allergan's (AGN) third-quarter sales, making up for loss of exclusivity on some brands and lower sales of eye drug, Restasis.
Allergan (AGN) delivered earnings and revenue surprises of 0.00% and 4.01%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?