The US Specialized Therapeutics segment includes sales and expenses relating to branded products within the United States.The US General Medicine segment involves Central Nervous System; Gastrointestinal; Women's Health; Anti-Infectives; and Diversified brands.The International segment comprises of products sold outside the United States.
P., the hedge fund run by activist shareholder Bill Ackman.
"Though we always have remained confident in our position and were prepared to try these cases on their merits, this agreement will eliminate disruption to our business," Valeant Chief Executive Joseph Papa said in a statement.
Allergan shares rose 0.2% to $166 after hours, following a 2.3% decline in the regular session. Products currently on the market, including Allergan's market-leading Botox, last three to four months.
The company said the FDA accepted a New Drug Application for Seysara to treat moderate-to-severe acne in patients 9 years old and older. rights to Seysara, while Paratek Pharmaceuticals Inc. Allergan shares dropped 3.2% in extremely heavy morning trade on Tuesday.
But, with regard to being able to claim six months of effectiveness, Raffat said, "I think there's a case to be made for that, but that's not a layup." Raffat also noted that the product would likely be priced higher than Botox.
In a statement to Market Watch, Allergan called the Revance results "underwhelming." "Allergan does not expect Revance's toxin to enter the market until mid-2020, and we do not believe this data will support a longer duration claim," a company spokesperson said, adding that "based on the profile demonstrated in this data, Allergan does not view this toxin as being differentiated from Botox." Revance shares have surged 45.5% over the last three months to .80, compared with a 7.4% rise in the S&P 500 and a 11.7% rise in the Dow Jones Industrial Average .
"Additionally, as part of the agreement, the company and the other defendants admit no wrongdoing," the company said.
The other defendants include Pershing Square Capital Management L.
"If a generic product enters the market, Allergan is ready to mitigate that impact by growing our base business, reducing costs and deploying our balance sheet," the company said.
Allergan shares have dropped 29.7% over the last three months, compared with a 4% rise in the S&P 500 .
The litigation stems from an attempt by Valeant and Pershing to acquire Allergan in 2014. Valeant shares were slightly lower Friday, but have gained 45% in 2017, while the S&P 500 has gained about 20%. shares surged nearly 38% in extremely heavy morning trade Tuesday after the company reported positive results for its wrinkle-relaxing injection in two late-stage clinical trials.