Allergan Up As Analyst Statement Sparks Business Split Rumors

分析师称艾尔建可能进行业务分拆,现阶段公司面临多重挑战

2019-06-21 07:59:00 Zacks

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Shares of Allergan plc AGN were up more than 6% on Jun 19 after an analyst at Evercore ISI stated that a break-up of the company’s business may be in the cards. The analyst also stated that the company is likely to provide an update on the split in the next couple of months. The analysis was based on a conference call with the company’s vice president of investor relations on Tuesday. Some analysts believe that splitting of Allergan’s business, if it materializes, would be a positive and has in fact been debated on for long. Moreover, activist investors have long been pushing for a separation of chief executive officer and chairman positions, both currently held by Brent Saunders. Shares of the company have decreased 4.1% so far this year compared with the industry’s decline of 17.1%. The stock has declined 25.7% in the past year and has underperformed its peers in the said period. The decline in share price can be attributed to multiple challenges that the company is facing for some time now. Sales of Allergan’s major drugs have declined due to loss of exclusivity. The first generic versions of Alzheimer’s treatment, Namenda XR and Estrace cream were launched in the first quarter of 2018. Other products including Bystolic, Delzicol, Gelnique, Saphris and Viibryd are all slated to lose exclusivity over the next few years. Loss of exclusivities hurt sales by $1.2 billion in 2018 and is expected to have an adverse impact of another $1.4 billion in 2019. Competition for Allergan’s drugs from other branded drugs is also on the rise. Restasis faces competition from Takeda Pharmaceutical’s Xiidra. The drug is set to face generic competition later this year which is likely to impact the sales further. Its most popular drug and the largest revenue generator, Botox is facing tough competition from CGRP antibodies for migraine launched in 2018. These include Amgen/Novartis, Eli Lilly LLY and Teva Pharma’s CGRP migraine treatments Aimovig, Emgality and Ajovy, respectively. Botox also faces competition in the anti-wrinkle segment from Evolus’ EOLS Jeuveau injection approved in February. Linzess faces competition from Bausch Health’s BHC Trulance. The split could lead to better focus on the company’s key therapeutic areas, CNS, eye care and GI, thus enhancing the company’s pipeline and portfolio of new drugs, which can offset the loss of sales due to branded and generic competition. The company can also expand its therapeutic areas to include markets with encouraging opportunities. Moreover, separation of Allergan into two or more separate entities also increases the viability of a possible acquisition for each entity. However, the company’s plan and timeline for a split is not known. Any synergies or dis-synergies will be based on the division of products made by the company.
艾尔建(Allergan) plc AGN 的股价在6月19日上涨了6%以上,此前 Evercore ISI 的一位分析师表示,该公司的业务可能会出现断裂。分析师还表示,该公司可能会在未来几个月提供有关拆分的最新情况。该分析是基于周二与该公司负责投资者关系的副总裁召开的电话会议。 一些分析师认为,如果艾尔建(Allergan)的业务实现分离,那将是一种积极的做法,实际上已就此展开了长时间的辩论。此外,激进投资者长期以来一直在推动首席执行官和董事长职位的分离,这两个职位目前都由布伦特•桑德斯( Brent Saunders )担任。 该公司股价今年迄今已下跌4.1%,而该行业的跌幅为17.1%。该股过去一年下跌了25.7%,在此期间表现逊于同行。 股价下跌可归因于公司目前一段时间面临的多重挑战。 艾尔建(Allergan)主要药品因失去独家代理权而销量下滑。阿兹海默症治疗的第一个仿制药名为 NandaXR 和 Estrace 乳膏,于2018年第一季度上市。其他产品,包括 Bystolic , Delzicol , Genique , Saphris 和 Viibryd 都将在未来几年失去独占性。2018年,独家经营权的损失使销售额减少12亿美元,预计2019年还将产生14亿美元的不利影响。 艾尔建(Allergan)的药品与其他品牌药品的竞争也在上升。休息面临着武田(Takeda)制药的西idra 的竞争。该药物将在今年晚些时候面临仿制药的竞争,这可能会进一步影响销售。其最受欢迎的药物和最大的收入来源,肉毒杆菌毒素面临来自 CGRP 抗体的激烈竞争,以偏头痛推出于2018年。其中包括 Amgen / Novartis 、礼来(Eli Lilly) LLY 和梯瓦(Teva) Pharma 的 CGRP 偏头痛治疗 Aimovig 、 Emgality 和 Ajovy 。肉毒杆菌毒素还面临2月批准的 Evolus EOLS Jeuveau 注射液中抗皱纹部分的竞争。Linzess 面临着来自 Bausch Health 的 BHC Trulance 的竞争。 分拆可以更好地聚焦公司重点治疗领域 CNS 、眼科护理和 GI ,从而提升公司的新药管线和组合,可以抵消品牌和仿制药竞争带来的销售损失。该公司还可以扩大其治疗领域,以包括市场与令人鼓舞的机会。 此外,将艾尔建(Allergan)分成两个或多个独立实体也增加了为每个实体可能进行的收购的可行性。然而,该公司的拆分计划和时间表尚不清楚。任何协同效应或非协同效应都将基于公司所做产品的分工。

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