Allergan's Botox Holds Its Own In Migraine, Despite CGRP Competition
In the third quarter, generics of dry eye drug Restasis did not emerge as expected and Botox enjoyed double digit sales for therapeutic indications in the US, despite the entry of new competition in migraine treatment.
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Allergan was expected to announce soon that it would follow its shareholders' advice and split the company in two, but it's being acquired by AbbVie for $63bn instead, finally giving investors a big boost in their Allergan holdings after years of decline.
Days after surviving a shareholder vote to split up his roles, chairman/CEO Saunders says unhappy investors have been heard and change is coming. As for details, everything is on the table.
Allergan’s Restasis patent cliff is imminent: full-year sales of the dry eye product declined 14% and the firm expects US generic competition by Q2. But Botox growth is steady, Vraylar is poised to add a major indication and other pipeline assets may add growth.