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BUSINESS
October 3, 2012 | Bloomberg News
Allergan Inc. won't seek U.S. clearance to sell its popular Lap-Band stomach shrinking device to an increasing population of obese teenagers. In the wake of congressional criticism and lawsuits, the Irvine, California-based company has decided to shelve any plans for marketing its Lap-Band device to adolescents, among the fastest-growing group of obese Americans. Health advocacy groups have warned about the surgery's safety and its effect on a young person's developing body. And a 2011 Archives of Surgery study found that almost half of adult patients who had gastric banding had the device removed following infections and other complications.
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BUSINESS
March 3, 2013 | By Stuart Pfeifer, Los Angeles Times
The company: Allergan Inc. Headquarters: Irvine Ticker: AGN Employees: 10,800 Leadership: David E.I. Pyott, chief executive since 1998 Revenue: $5.8 billion in 2012 Net income: $1.1 billion in 2012 Stock price: $108.60 at Friday's close 52-week range: $81.28 to $109.31 P/E ratio: 22.8 based on 2013 estimated earnings Annual dividend: 5 cents, a current yield of about...
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BUSINESS
October 30, 2012 | By Stuart Pfeifer
Allergan Inc. is considering selling its Lap-Band weight-loss unit amid rapidly declining sales and a swarm of negative publicity about patient deaths and a criminal investigation of one of its former customers. Word of the potential sale came the same day the company disclosed that sales of the Lap-Band fell for the fifth consecutive quarter. The company reported $37.4 million in Lap-Band sales for the third quarter of 2012, a 25% decline from one year ago and 53% less than it sold in the third quarter of 2008.
BUSINESS
February 5, 2013 | By Chad Terhune
Allergan Inc. said it expects to sign a deal to sell its troubled Lap-Band weight-loss unit in the first half of this year as the Irvine company pursues growth from other products and recent acquisitions. The Botox maker, which had previously disclosed it was considering a sale of its "obesity intervention" business, updated investors on that process Tuesday when it announced fourth-quarter results. Allergan said it would consider offers for the weight-loss business and predicted it would sign a sales agreement in the first half of 2013.
BUSINESS
February 17, 2011 | By P.J. Huffstutter and Andrew Zajac, Los Angeles Times
Pharmaceutical giant Allergan Inc. stands to win big from the federal government's decision to make Lap-Band weight-loss surgery available to more overweight Americans. The Food and Drug Administration on Wednesday cleared the way for marketing the procedure to patients who are significantly less obese than those who qualify now ? a decision that would make an estimated 26.4 million more Americans eligible to consider the Irvine company's device. The approval also means that, according to company officials, 45.6 million Americans meet the criteria for Lap-Band surgery.
BUSINESS
October 19, 1997 | Dow Jones
Allergan Inc. and Peptech Ltd. in England have terminated their agreement to develop a psoriasis treatment. Irvine-based Allergan, an eye-care products company, said Peptech has determined that further work is required to assess the optimal treatment regimen for the product, GMDP.
BUSINESS
May 8, 2008 | From Times Wire Services
Allergan Inc.'s net income more than doubled in the first quarter as sales accelerated outside the U.S. for the wrinkle remover Botox. Demand cooled in the U.S., and the company blamed the economy. Net income increased to $111.4 million, or 36 cents a share, from $43.8 million, or 14 cents, a year earlier, the company said. Revenue grew 23% to $1.08 billion, bolstered by converting overseas sales in other currencies to the dollar. Irvine-based Allergan sells cosmetic and medical products including breast implants, surgical devices to remedy obesity and a treatment for overactive bladders.
BUSINESS
March 3, 2013 | By Stuart Pfeifer, Los Angeles Times
The company: Allergan Inc. Headquarters: Irvine Ticker: AGN Employees: 10,800 Leadership: David E.I. Pyott, chief executive since 1998 Revenue: $5.8 billion in 2012 Net income: $1.1 billion in 2012 Stock price: $108.60 at Friday's close 52-week range: $81.28 to $109.31 P/E ratio: 22.8 based on 2013 estimated earnings Annual dividend: 5 cents, a current yield of about...
BUSINESS
February 5, 2013 | By Chad Terhune
Allergan Inc. said it expects to sign a deal to sell its troubled Lap-Band weight-loss unit in the first half of this year as the Irvine company pursues growth from other products and recent acquisitions. The Botox maker, which had previously disclosed it was considering a sale of its "obesity intervention" business, updated investors on that process Tuesday when it announced fourth-quarter results. Allergan said it would consider offers for the weight-loss business and predicted it would sign a sales agreement in the first half of 2013.
BUSINESS
February 2, 2012 | By Stuart Pfeifer
Irvine-based Allergan Inc. said it will no longer sell its Lap-Band weight-loss device to companies affiliated with the 1-800-GET-THIN marketing company. The move comes amid state and federal investigations of surgery centers affiliated with the ad campaign. Five Southern California patients have died since 2009 following Lap-Band surgeries at clinics affiliated with 1-800-GET-THIN, according to lawsuits, autopsy reports and other public records. The California Department of Insurance is investigating the surgery centers for alleged insurance fraud, said David Althausen, a spokesman for the state agency.
BUSINESS
January 23, 2013 | Bloomberg News
Allergan Inc., the Irvine maker of the wrinkle filler Botox, agreed to buy a Silicon Valley pharmaceutical company in a deal valued at $958 million to gain an experimental inhalable migraine treatment. Allergan will pay Map Pharmaceuticals Inc. investors $25 a share, a 60% premium over Tuesday's closing price of $15.58 in New York, the companies said in a statement. The deal was unanimously approved by the boards of both companies and is expected to close late in the first quarter or in the second quarter, the companies said.
BUSINESS
October 31, 2012 | By Stuart Pfeifer, Los Angeles Times
Allergan Inc. is considering selling its Lap-Band weight-loss unit amid rapidly declining sales and a swarm of negative publicity about patient deaths and a criminal investigation of one of its former customers. Word of the potential sale came the same day Allergan disclosed that Lap-Band revenue fell for the fifth consecutive quarter. Sales from weight-loss products fell to $37.4 million during the third quarter, down 25% from last year and 53% from its peak four years ago. It marks a major turnaround for a product that delivered annual sales of $296 million in 2008 for the Irvine company.
BUSINESS
October 3, 2012 | Bloomberg News
Allergan Inc. won't seek U.S. clearance to sell its popular Lap-Band stomach shrinking device to an increasing population of obese teenagers. In the wake of congressional criticism and lawsuits, the Irvine, California-based company has decided to shelve any plans for marketing its Lap-Band device to adolescents, among the fastest-growing group of obese Americans. Health advocacy groups have warned about the surgery's safety and its effect on a young person's developing body. And a 2011 Archives of Surgery study found that almost half of adult patients who had gastric banding had the device removed following infections and other complications.
BUSINESS
October 3, 2012 | By Chad Terhune, Los Angeles Times
The maker of the Lap-Band weight-loss device, Allergan Inc., has dropped its controversial bid for federal approval to market the product for overweight teens. The Irvine company had sought permission from the U.S. Food and Drug Administration to promote Lap-Band surgeries for adolescents as young as 14 and it has been conducting clinical trials on teenage patients. A spokesman for Allergan said it pulled that government application earlier this year as part of a routine evaluation of its business priorities.
BUSINESS
February 2, 2012 | By Stuart Pfeifer
Irvine-based Allergan Inc. said it will no longer sell its Lap-Band weight-loss device to companies affiliated with the 1-800-GET-THIN marketing company. The move comes amid state and federal investigations of surgery centers affiliated with the ad campaign. Five Southern California patients have died since 2009 following Lap-Band surgeries at clinics affiliated with 1-800-GET-THIN, according to lawsuits, autopsy reports and other public records. The California Department of Insurance is investigating the surgery centers for alleged insurance fraud, said David Althausen, a spokesman for the state agency.
BUSINESS
January 20, 2012 | By Stuart Pfeifer, Los Angeles Times
Members of Congress are calling for an investigation into the 1-800-GET-THIN weight-loss surgery marketing campaign and the safety and effectiveness of the Lap-Band device. Rep. Henry A. Waxman (D-Beverly Hills) and two other House members called for congressional hearings to examine whether the sponsors of the ad campaign, their affiliated clinics and the device's manufacturer are improperly promoting a potentially dangerous surgery. In a letter sent Friday to the chairman of the House Energy and Commerce Committee, Waxman said Congress should subpoena documents from 1-800-GET-THIN and Lap-Band manufacturer Allergan Inc. FULL COVERAGE: Lap-Band investigation The letter cited a series of articles in The Times about patient deaths and recent studies that have questioned the long-term effectiveness of the Lap-Band, a ring that is surgically implanted around the stomach to discourage overeating.
BUSINESS
July 31, 2008 | From Times Wire Services
Allergan Inc., maker of the wrinkle smoother Botox, said second-quarter profit rose 6.9% as overseas sales of facial treatments and prescription eye-care products helped the Irvine company weather a slowing U.S. economy. Net income increased to $147.3 million, or 48 cents a share, from $137.8 million, or 45 cents, a year earlier. Adjusted profit of 63 cents a share matched analysts' estimates. Revenue climbed 20% to $1.17 billion, topping the average estimate of $1.14 billion in a Bloomberg survey.
BUSINESS
October 3, 2012 | By Chad Terhune, Los Angeles Times
The maker of the Lap-Band weight-loss device, Allergan Inc., has dropped its controversial bid for federal approval to market the product for overweight teens. The Irvine company had sought permission from the U.S. Food and Drug Administration to promote Lap-Band surgeries for adolescents as young as 14 and it has been conducting clinical trials on teenage patients. A spokesman for Allergan said it pulled that government application earlier this year as part of a routine evaluation of its business priorities.
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