EX-99.1 2 d810464dex991.htm EX-99.1 EX-99.1
October 27, 2014
Allergan
A Specialist in the Biopharmaceutical
& Medical Device Industries
Exhibit 99.1

Forward-Looking Statements
®
& ™
Marks owned by Allergan, Inc.
JUVÉDERM
®
is
a
registered
trademark
of
Allergan
Industrie
SAS
All
other
products
are
registered
trademarks
of
their
respective
companies
This
presentation
contains
“forward-looking
statements,”
including
statements
regarding
product
acquisition
and
development,
regulatory
approvals, market potential, expected growth, operational efficiencies, a proposed offer made by Valeant, and Allergan’s expected,
estimated
or
anticipated
future
results,
including
Allergan’s
earnings
per
share
and
revenue
forecasts,
among
other
statements.
All
forward-looking statements herein are based on Allergan’s current expectations of future events and represent Allergan’s judgment only as
of the date of this presentation. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results
could vary materially from Allergan's expectations and projections. Therefore, you are cautioned not to rely on any of these forward-looking
statements and Allergan expressly disclaims any intent or obligation to update these forward-looking statements except as required to do
so by law.
Actual results may differ materially from Allergan’s current expectations based on a number of factors affecting Allergan’s businesses,
including
changing
competitive,
market
and
regulatory
conditions;
the
timing
and
uncertainty
of
the
results
of
both
the
research
and
development and regulatory processes; domestic and foreign health care and cost containment reforms, including government pricing, tax
and reimbursement policies; revisions to regulatory policies related to the approval of competitive generic products; technological advances
and
patents
obtained
by
competitors;
the
ability
to
obtain
and
maintain
adequate
protection
of
intellectual
property
rights;
the
performance
of new products, including obtaining government approval and consumer and physician acceptance, the continuing acceptance of currently
marketed products, and consistency of treatment results among patients; the effectiveness of promotional and advertising campaigns; the
potential for negative publicity concerning any of Allergan’s products; the timely and successful implementation of strategic initiatives,
including expansion of new or existing products into new markets; the results of any pending or future litigation, investigations or claims; the
uncertainty associated with the identification of, and successful consummation, execution and integration of, external corporate
development initiatives and strategic partnering transactions; potential difficulties in manufacturing; and Allergan’s ability to obtain and
successfully maintain a sufficient supply of products to meet market demand in a timely manner. In addition, matters generally affecting the
U.S. and international economies, including consumer confidence and debt levels, changes in interest and currency exchange rates,
political
uncertainty,
international
relations,
the
status
of
financial
markets
and
institutions,
impact
of
natural
disasters
or
geo-
political
events and the state of the economy worldwide, may materially affect Allergan’s results.
These and other risks and uncertainties affecting Allergan’s businesses and operations may be found in Allergan’s most recently filed
Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, including under the heading “Risk Factors”. These
filings, as well as Allergan's other public filings with the U.S. Securities and Exchange Commission (SEC), can be obtained without charge
at
the
SEC's
web
site
at
www.sec.gov.
These
SEC
filings
are
also
available
at
Allergan’s
web
site
at
www.allergan.com
along
with
copies
of Allergan’s press releases and additional information about Allergan. For further information, you can contact the Allergan Investor
Relations Department by calling 714-246-4636.
©
2014 Allergan, Inc.
All rights reserved.
2

Allergan Continues to Execute & Deliver                   
Increased Value to Stockholders
(1)
Represents local currency sales growth
(2)
Non-GAAP Diluted Earnings per Share
•
Continued strong performance and business momentum
•
Q3 sales growth of 18%
(1)
driven by strength across nearly all product lines and
geographies
•
Q3 EPS
(2)
growth of 45%
•
Increase in both Sales & EPS
(2)
guidance for full year 2014
•
On June 30, 2014 we announced the following R&D Pipeline candidates progressing
forward
•
DARPin®
•
Bimatoprost Sustained-Release Implant for Glaucoma
•
OZURDEX®
DME
approval
(U.S.)
•
On July 21, 2014 we announced a plan to drive further operational efficiencies
(~$475M) & create a robust platform for long-term sustainable growth
•
Additional value from ongoing business development & capital return
3

Another Outstanding Quarter Highlights the Strength of
Allergan’s Business Model
Q3 2014 Guidance
(Issued July 21, 2014)
$1,675M -
$1,750M
10% -
15%
$1.44 -
$1.47
17% -
20%
Actual Q3 2014
Results
$1,791M
18%*
$1.78
45%
Product Net Sales
Non-GAAP Diluted
EPS
Non-GAAP Diluted
YOY EPS Growth
Strong business momentum continued in third quarter with record dollar sales growth
Depth and breadth of contribution made by nearly all businesses and geographies
Leverage of SG&A investments in a thoughtful & disciplined approach 
Product Net Sales
YOY Growth
4
* Represents local currency sales growth

Strong Business Momentum Continues to Accelerate
Sales & EPS Growth
FY 2012
FY 2013
YTD Q3 2014
Sales Growth
(1)
10%
12%
16%
EPS Growth
(2)
15%
16%
31%
Quarterly Sales & EPS Performance
5
11%
14%
16%
15%
16%
18%
14%
17%
18%
20%
24%
45%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Q2'13
Q3'13
Q4'13
Q1'14
Q2'14
Q3'14
Sales Growth*
EPS Growth
(1)
Sales growth in local currency retrospectively adjusted to exclude Obesity Intervention Business.
(2)
2012
EPS
growth
includes
the
2012
Obesity
impact
of
$0.10
and
the
2012
R&D
Tax
Credit
impact
of
$0.06.
2013
EPS
Growth
restating
2012
to
exclude the 2012 Obesity impact of $0.10 and including the 2012 R&D Tax Credit impact of $0.06.

6
* All years exclude sales from the Obesity Intervention business
Sales Momentum Continues to Accelerate

Strong Gross Margins
*
7
Record Gross Margin* Driven by Favorable Product Mix and Recently Launched         
Higher Margin Products / Indications
* Gross
Margins
as
a
percentage
of
sales
are
presented
excluding
amortization
of
intangible
assets
on
a
non-GAAP
basis
and
exclude
the
Obesity
Intervention
business
for
all
years
presented.
A
reconciliation
of
non-GAAP
items
may
be
found
under
the
heading
“Non-GAAP
Financial
Reconciliation”
and in the Company’s earnings releases in the Investor Relations section of the www.allergan.com website.

FY 2014
Product Net
Sales
Non-GAAP
Diluted EPS
Non-GAAP
Diluted EPS
YOY Growth
$6.8bn -
$7.0bn
$5.64 -
$5.73
18% -
20%
$6.7bn -
$7.0bn
$5.36 -
$5.48
12% -
15%
February 5
Guidance
May 12
Guidance
July 21
Guidance
$6.9bn -
$7.1bn
$5.74 -
$5.80
20% -
22%
Allergan’s 2014 Full Year Sales and Earnings Outlook
Continues to Improve
8
October 27
Guidance
$7.1bn -
$7.2bn
$6.27 -
$6.30
31% -
32%

Allergan Operates in Large, Growing Markets
Built & Developed by Strategic Investment
9
*  Market projections based on Allergan estimates
WW Ophthalmic Market ($B)
WW Neuromodulator Therapeutic
Market ($B)
WW Aesthetics Market ($B)
$14.7
$20.9
$26.6
2009A
2013A
2017E
*
$0.9
$1.5
$2.6
2009A
2013A
2017E
*
$2.3
$3.6
$5.0
2009A
2013A
2017E
*

Neuromodulators and Eye Care
Growing the Market and Sustaining Market Leadership Positions
10
•
Allergan is growing in-line with market @ 10%
(Q2’14 YTD)
•
Maintaining leading market share in rapidly
growing therapeutic and cosmetic markets,
despite new entrants
•
Allergan is gaining market share and is
currently #2 behind Novartis
•
Allergan is growing faster than the market
Global
Eye
Care
Growth
1
Sources: Mixture of public information (earnings releases, earnings calls, 10K’s, 10Q’s), AGN internal data, syndicated marketing
research reports, analyst reports, GuidePoint Global.
1
Excludes retina
2
Includes therapeutic and cosmetic
Global
Neuromodulator
Market
Share
2

11
•
Q2’14 YTD market growth of 3% with Allergan
growing 4%
•
Maintaining market share while emphasizing
profitability
Global Breast Aesthetics Market Share
Global Dermal Facial Fillers Market Share
•
Q2’14 YTD market growth of 10% with Allergan
growing 40%
•
Rapid market share gains driven by game
changing innovation
Dermal Facial Fillers and Breast Aesthetics
Growing the Market and Building Market Share
Sources: Mixture of public information (earnings releases, earnings calls, 10K’s, 10Q’s), AGN internal data, syndicated marketing
research reports, analyst reports, GuidePoint Global.
Note: Valeant completed the sale of it’s facial injectable businesses to Galderma in July 2014.
1
Merz includes BioForm  (pre Merz purchase) and Anteis
2
Mentor owned by J&J and also includes La Perouse Plastie

Long-Term Focus and Investment Has Built Global
Leading Market Share Positions & Brands
2014 Full Year Allergan
Guidance
Q2 2014 Allergan
$ Market Share
Allergan Brands
Eye Care
Neuromodulators
Dermal Facial
Fillers
Breast Aesthetics
~$3.3B
23%
2
Q2 2014 Allergan
Market Position
#2
~$2.2B
76%
#1
~$0.7B
48%
#1
~$0.4B
41%
#1
12
1
Mixture of public information (earnings releases, earnings calls, 10K’s, 10Q’s), AGN internal data, syndicated marketing research
reports, analyst reports, GuidePoint Global.
2
Excluding Retina
1
1

Allergan
operates
in
large,
growing
markets
built
&
developed
by
strategic
investment
Allergan Continues to Optimize its Business Model
13
Allergan’s sophisticated selling model transcends traditional sales models
Allergan has a recipe for building and sustaining leading brands
Allergan has a robust R&D pipeline and industry leading R&D productivity

Worldwide SG&A Investment and Sales Growth
Our Investments are Focused on Generating
Sustainable Sales Growth
14
* Sales CAGR 2009 to 2014E (mid point of Oct. 27, 2014 guidance).
1
2014 estimated sales growth and SG&A as a percentage of sales based on mid-point of guidance provided on October 27, 2014.
2012 excludes Obesity business which was divested in Q4 2013.
SG&A has been adjusted for non-GAAP SG&A items for all years presented.   A reconciliation of non-GAAP items may be found under the heading “Non-
GAAP
Financial
Reconciliation”
in
the
Investor
Relations
section
of
the
www.allergan.com
website.
•
Allergan creates and builds markets with
focused investments resulting in a sales
CAGR of ~11%*
•
Historically high strategic investments have
provided foundation for long-term sales
growth
•
Initial product launch investments
significant in 2010-2013
•
Targeted expansion into emerging markets
•
Leveragability of strategic investment in
Direct-To-Consumer advertising
•
Advertising spend for newer products partially
offset as optimal levels of advertising
effectiveness are reached on existing products
•
Well established sales force
•
Ability to grow SG&A @ ~3% through 2019
while continuing to drive double-digit sales
growth
1
1
1
~
~

Allergan’s Sophisticated Selling Model Transcends
Traditional Sales Models
The Allergan Customer Ecosystem
15
Core expense base required to support complex business model

Allergan Has a Recipe for Building and Sustaining
Leading Brands -
RESTASIS
®
Consumer Promotion
Professional Promotion
Peer-to-peer programs
Customer
Relationship Management
Data Generation
Advocacy
Reimbursement/
Managed Care
The first and only Rx
product approved to
treat dry eye disease
16
$1B Brand with Double-Digit Sales Growth

Allergan Has a Recipe for Building and Sustaining Leading
Brands –
BOTOX
®
Chronic Migraine
Consumer Promotion
Physician Promotion
Professional Education
/ Training
Access
Advocacy
Medical Education
Disease Awareness
Reimbursement
17
Sales Expected to Double by 2019

Allergan Has a Recipe for Building and Sustaining
Leading Brands –
BOTOX
®
Urology
Physician Promotion
Consumer Promotion
Access
Advocacy
Professional Education /
Training
Urology
Practice Consultation
PR / Patient Advocacy
18
~30% Sales CAGR Expected Through 2019*
* Sales CAGR 2014E to 2019E.

Allergan Has a Recipe for Building and Sustaining
Leading Brands –
BOTOX
®
Cosmetic
Consumer Promotion
Professional 
Promotion
Injector Training
Public Relations
Physician Loyalty
Program
Patient Programs
Patient Loyalty
Program
19
$1B Brand and Undisputed Market Leader with Robust Growth Potential
APC Practice
Consulting Services

Allergan Has a Recipe for Building Leading Brands–
Dedicated Specialty Salesforce
Focused
introduction to
experienced
injectors
Optimal training
paradigm to
support filler
franchise
Creating awareness
of etiology of mid-
face volume loss
Generate buzz and
accolades thru PR
Patient Education
and Awareness
thru DTC
Learning from other
countries’
real
world experience
Robust expansion
of comprehensive
hands-on training
platform
20
JUVÉDERM
VOLUMA
XC
U.S.
™

US –
12 FDA Approvals
EU
ROW
•
BOTOX
®
Chronic Migraine
•
BOTOX
®
Cosmetic
–
Crow’s
Feet
Lines
•
BOTOX
®
Overactive Bladder
•
BOTOX
®
Neurogenic Detrusor Overactivity
•
BOTOX
®
Spasticity (UL)
•
JUVÉDERM
®
+ Lidocaine
•
JUVÉDERM VOLUMA
™
XC
•
LUMIGAN
®
0.01%
•
NATRELLE
®
410 Highly Cohesive
Anatomically Shaped Silicone-Filled Breast
Implants
•
OZURDEX
®
Uveitis
•
OZURDEX
®
DME
•
ZYMAXID
®
•
BOTOX
®
Chronic Migraine
•
BOTOX
®
Idiopathic Overactive Bladder 
(Positive Opinion)
•
BOTOX
®
Neurogenic Detrusor Overactivity
•
GANFORT
™
Unit Dose
•
LUMIGAN
®
0.01%
•
LUMIGAN
®
0.03%
Preservative
Free
Unit
Dose
•
OZURDEX
®
RVO
•
OZURDEX
®
DME
•
VISTABEL
®
–
Crow’s Feet Lines (Positive
Opinion)
•
ALPHAGAN
®
P 0.01% (Japan)
•
BOTOX
®
Chronic Migraine (Canada, LA &
Asia)    
•
BOTOX
®
Overactive Bladder  (Canada &
Asia)
•
BOTOX
®
Neurogenic Detrusor Overactivity 
(Canada, LA & Asia)
•
BOTOX
®
Spasticity (Japan)
•
LATISSE
®
•
NATRELLE
®
Round Silicone Gel-Filled Breast
Implants and Style 133 Tissue Expanders
(Japan)
•
RESTASIS
®
(Canada)
Many Key Regulatory Approvals Since 2010
Driving Mid-Term and Long-Term Growth
21
•
Canada
•
Brazil
•
Parts of East Asia

Employ efficient R&D model with probability of success higher than the industry
•
Specialty focused
•
Local drug delivery
Fully integrated R&D
Rigorous portfolio review and management
Allergan remains committed to an industry leading R&D engine
•
Pre-operational
efficiency
plan,
we
expected
$1.5B
of
R&D
investment
by
2018
•
Post-operational efficiency plan, we now expect $1.5B of R&D investment by 2019
Allergan’s R&D Investment Consistently Fuels the Pipeline
22

Allergan Maintains a Rich, Highly Diversified            
Clinical R&D Pipeline
Post
Approval
Pre-Clinical
Phase I
Phase II –
POC
Phase II –
Confirmatory
Phase III
Registration
23
Discontinued as part of Operational Efficiency Plan
1 rosacea programs
ph1
2 acne programs
ph1
One early preclinical acne
program
One early pre
-clinical derm
program for a new indication
AGN-1857 Migraine
ph1
BTX CFL
LATISSE
®
US
LATISSE
®
Japan
BTX OAB
BTX NDO
BTX
Chronic
Migraine
OZURDEX
®
RVO
OZURDEX
®
DME
3B
LUMIGAN
®
UD
LUMIGAN
®
0.01%
EU
GANFORT™
UD
GANFORT™
China
AGN-1763 BTX
LL Spasticity
•
SEMPRANA
Headache
“
®
”
BTX PE
LiRIS
®
SER-120
NCE Dry Eye
Bimatoprost SR
OZURDEX
®
RVO
China
BTX
Spasticity Adult
LL, Adult UL, Ped LL,
Ped UL
Androgen Front of
Eye
RESTASIS
®
X
Medytox
Therapeutic
DARPin
®
AMD
DARPin
Brimo
DDS Dry
AMD
®
Bim Hair Growth
BTX Masseter
Derma-
tology
•
•
•
•
•
•
•
Medytox Aesthetic
•
JUVEDERM
Volbell
®
(US)
•
JUVEDERM
Volfit
®
(US)
•
BTX CFL Asia
•
BTX Forehead Lines
•
LATISSE
®
Brow
•
Oxymetazoline
Rosacea
•
ACZONE
®
X
•
•
•
Urology
•
•
•
•
•
Neurology
& Pain
•
•
BTX X with potential for higher
dose and/or longer duration
ph1
•
Senrebotase (TEM)
Pain
•
BTX Depression
•
BTX OA Pain
•
BTX New
Indication
•
•
•
•
Retina
•
Dual anti
-PDGF/VEGF
DARPin
®
AMD 
ph2
•
1 retina
program
ph1
•
2 early preclinical retina
programs
•
•
•
•
•
•
Anterior
Segment
•
1 NCE for Dry Eye
ph1
•
1 cpd for new
indication
ph2
•
1 cpd for new indication
ph1
•
•
•
•
LASTACAFT
®
Japan
•
RESTASIS
®
EU
•
1 cpd
for front of eye
indication
Glaucoma
•
NCE Glaucoma
ph2
•
Combo glaucoma Japan
ph3
•
•
•
•
•
DME
Limited number of pre-clinical projects were cancelled as a result of our operational efficiency plan
(all with projected approval dates after 2020)

Allergan Has Industry Leading R&D Productivity
Allergan Ranked Top 5 in R&D Productivity
Source: Bloomberg. AcclaimIP; SSR Health Hidden Pipeline Analysis and assumptions.  *Rolling 5-year average.
Even among R&D powerhouses,  Allergan helps define productivity
24

•
BOTOX
®
Therapeutic
•
BOTOX
®
Cosmetic
•
RESTASIS
®
•
JUVÉDERM
®
/
VYCROSS
®
Franchise
•
OPTIVE
®
•
OZURDEX
®
•
Bimatoprost Sustained Release (Glaucoma)*
•
SEMPRANA
®*
•
DARPin
®
AMD
*
(Approval expected at the end of the planning period)
In the Next Five Years, Allergan Expects Multiple Major
Product Drivers of Growth
25
* Indications / compounds under investigation
Limited regulatory approval risk during 5 year planning period

Allergan’s Cost Structure was Optimized Through a
Careful Bottoms-Up Build To Save $475M
Bottoms-up approach
Protect investment in key
programs
Structured, thoughtful process
over several months
Maintain sales and profit
Optimizing Our Cost Structure
Sustainable
Source of Savings
$475M
Reduction
By P&L Line Item
By Approach
26
Retained core expense base required to support complex business model
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
SG&A
$310M
Research and
Development
$138M
Gross Margin $27M
Focus on High
Value
O
pportunities
$180M
Streamline
Organization
$182M
Processes $26M
Strategic
Sourcing $65M
Sites $22M

Allergan Business Model is Sophisticated and Optimized
Allergan’s Formula For Success
Blockbuster brands
Customer-centric approach
Highly experienced management team
Investment in sophisticated
high-value R&D programs
Investment in large, mature markets as well
as in emerging markets
Emphasis on organic growth
Market creation and leadership
Sophisticated And Optimized Model
27

Allergan’s Promising Outlook on Long-Term Organic Growth
Driven by New Product Innovation and Operational Excellence
2013A
2014E
Guidance
2019E
2015E
Guidance
Revenue
$7.1 -
$7.2bn
EPS
$6.27 -
$6.30
EPS Growth
31% -
32%
Revenue
Growth
Double Digit
EPS
~$8.60
Revenue
$6.2bn
EPS
$4.77
2016E
Guidance
2017E
2018E
* As a percentage of sales.
Additional stockholder value generated from strong business momentum & further
operational efficiencies
Revenue
Growth
Double Digit
EPS
~$10.25
28

Strategic Options Available to Further Increase
Stockholder Value
•
Specialty-care focused
•
Innovative/differentiated products
•
Strong revenue & earnings growth
rate
•
Leading market share positions
•
Accretive in 2015 & 2016
•
Similar company values
•
Platform for further acquisitions
Additional free cash flow of ~$18bn generated over strategic planning period
•
Stock repurchases
•
“Special”
dividend
Business Development
Capital Return
29

Value Drivers Available to Standalone Allergan to
Further Increase Stockholder Value
Potential
Future
Standalone
Stock Price
Value from Momentum in the Business
Value from Capital Return
Value from Pipeline Assets
Value from Ongoing Business Development
Current Stock
Price
Value Drivers Available to Allergan:
Value from Operational Efficiencies
30

Important Information
Allergan, its directors and certain of its officers and employees are participants in solicitations of Allergan stockholders.
Information regarding the names of Allergan's directors and executive officers and their respective interests in Allergan
by security holdings or otherwise is set forth in Allergan's proxy statement for its 2014 annual meeting of stockholders,
filed with the SEC on March 26, 2014, as supplemented by the proxy information filed with the SEC on April 22, 2014.
Additional information can be found in Allergan's Annual Report on Form 10-K for the year ended December 31, 2013,
filed
with
the
SEC
on
February
25,
2014
and
its
Quarterly
Report
on
Form
10-Q
for
the
quarter
ended
June
30,
2014,
filed with the SEC on August 5, 2014. To the extent holdings of Allergan's securities have changed since the amounts
printed in the proxy statement for the 2014 annual meeting of stockholders, such changes have been reflected on Initial
Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the
SEC.
These
documents
are
available
free
of
charge
at
the
SEC’s
website
at
www.sec.gov.
STOCKHOLDERS
ARE
ENCOURAGED
TO
READ
ANY
ALLERGAN
PROXY
STATEMENT
(INCLUDING
ANY
SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT ALLERGAN MAY FILE WITH THE
SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Stockholders will be able to obtain, free of charge, copies of any proxy statement and any other documents filed by
Allergan
with
the
SEC
at
the
SEC's
website
at
www.sec.gov.
In
addition,
copies
will
also
be
available
at
no
charge
at
the
Investors
section
of
Allergan's
website
at
www.allergan.com.
31

Reconciliation of Selected Non-GAAP Financial Measures
“GAAP”
refers to financial information presented in accordance with generally accepted accounting principles in the
United States.
In this presentation, Allergan included historical non-GAAP financial measures, as defined in Regulation
G promulgated by the Securities and Exchange Commission, with respect to estimates for the year ended
December
31, 2013, and the corresponding periods for 1999 through 2012. The information for 2012 and 2011 has
been retrospectively adjusted to reflect the obesity intervention unit, which was sold on December 2, 2013, as
discontinued operations.  Allergan believes that its presentation of historical non-GAAP financial measures provides
useful
supplementary
information
to
investors.
The
presentation
of
historical
non-GAAP
financial
measures
is
not
meant to be considered in isolation from or as a substitute for results prepared in accordance with GAAP.
In this presentation, Allergan reported certain financial measures including “Adjusted Sales”, “Adjusted SG&A”,
“Adjusted
R&D”,
“Adjusted
EPS”,
“Pro
forma
Growth”
and
“Sales
Growth
at
constant
exchange
rates”
as
adjusted
for
Non-GAAP items. Allergan uses these financial measures to enhance the investor’s overall understanding of the
financial performance and prospects for the future of Allergan’s core business activities.  Specifically, Allergan
believes that a report of these financial measures provides consistency in Allergan’s financial reporting and facilitates
the comparison of results of core business operations between its current, past and future periods. Adjusted Sales,
Adjusted SG&A, Adjusted R&D, Adjusted EPS, Pro forma Growth and Sales Growth are the primary indicators
management
uses
for
planning
and
forecasting
in
future
periods.
Allergan
also
uses
Adjusted
Sales,
Adjusted
R&D
and Adjusted EPS for evaluating management performance for compensation purposes.
A reconciliation
of
non-GAAP
items
may
be
found
under
the
heading
“Non-GAAP
Financial
Reconciliation”
in
the
investor
relations
section
of
the
www.Allergan.com
website.
32

October 27, 2014
Allergan
A Specialist in the Biopharmaceutical
& Medical Device Industries