DUBLIN, Ireland, Sept. 25, 2017 /PRNewswire/ -- Allergan plc (NYSE: AGN) today announced that the Company's Board of Directors has authorized a new $2 billion share repurchase program, and has affirmed its commitment to increasing its regular quarterly cash dividend annually for shareholders as part of the Company's capital allocation strategy.
As part of its commitment to maintaining investment grade credit ratings, the Company also reaffirms its commitment to pay down $3.75 billion of debt in 2018.
These actions reflect the Company's conviction in its business strategy and strong future cash flow position, allowing for periodic return of cash to shareholders through dividends and share buybacks while maintaining investment grade ratings and continuing its debt pay down strategy.
In reaffirming its 2017 financial guidance issued on August 3, 2017 the Company also affirmed third quarter revenue projections.
"We continue to believe that Allergan stock is substantially undervalued, and the share price today presents a unique investment opportunity for the Company. Our financial strength and cash flow, strong portfolio of products, and diversified pipeline allow us to balance return of capital to shareholders through a flexible share repurchase program and a growing dividend. In its decision, the Board is demonstrating its confidence in our future prospects," said Brent Saunders, Chairman, CEO and President of Allergan. "Today's actions by the Board follow our recently completed repurchase of $15 billion of Allergan common stock and strikes the right balance in our desire to return capital to our shareholders while maintaining our focus on investment-grade credit ratings."
About Allergan plc
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global pharmaceutical company and a leader in a new industry model – Growth Pharma. Allergan is focused on developing, manufacturing and commercializing branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world.
Allergan markets a portfolio of leading brands and best-in-class products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women's health, urology and anti-infective therapeutic categories.
Allergan is an industry leader in Open Science, a model of research and development, which defines our approach to identifying and developing game-changing ideas and innovation for better patient care. With this approach, Allergan has built one of the broadest development pipelines in the pharmaceutical industry with 65+ mid-to-late stage pipeline programs currently in development.
Allergan's success is powered by our more than 18,000 global colleagues' commitment to being Bold for Life. Together, we build bridges, power ideas, act fast and drive results for our customers and patients around the world by always doing what is right.
With commercial operations in approximately 100 countries, Allergan is committed to working with physicians, healthcare providers and patients to deliver innovative and meaningful treatments that help people around the world live longer, healthier lives every day.
For more information, visit Allergan's website at www.Allergan.com.
Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Allergan's current perspective on existing trends and information as of the date of this release. Actual results may differ materially from Allergan's current expectations depending upon a number of factors affecting Allergan's business. These factors include, among others, the difficulty of predicting the timing or outcome of FDA approvals or actions, if any; the impact of competitive products and pricing; market acceptance of and continued demand for Allergan's products; difficulties or delays in manufacturing; and other risks and uncertainties detailed in Allergan's periodic public filings with the Securities and Exchange Commission, including but not limited to Allergan's Annual Report on Form 10-K for the year ended December 31, 2016 and Allergan's Quarterly Report on Form 10-Q for the period ended June 30, 2017. Except as expressly required by law, Allergan disclaims any intent or obligation to update these forward-looking statements.
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SOURCE Allergan plc