Allergan plc (NYSE:AGN) Q3 2016 Earnings Conference Call - Final Transcript

Nov 02, 2016 • 08:30 am ET

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Allergan plc (NYSE:AGN) Q3 2016 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning. My name is LaShonda, and I will be your conference operator today. At this time, I would like to welcome everyone to the Third Quarter Earnings Conference Call. [Operator Instructions] I will now turn today's call over to Lisa DeFrancesco to begin. Please go ahead.

Executive
Lisa M. DeFrancesco

Thank you, LaShonda, and good morning, everyone. I'd like to welcome you to the Allergan Third Quarter 2016 Earnings Conference Call. Earlier this morning, we issued a press release reporting Allergan earnings from continuing operations for the quarter ended September 30, 2016. The press release and our slide deck, which we are presenting this morning, are available on our corporate website at www.allergan.com. We're conducting a live webcast of this call, a replay of which will be available on our website after the conclusion. Please note that today's call is copyrighted material of Allergan and cannot be rebroadcast without the company's express written consent.

Turning to Slide 2, I'd also like to remind you, during the course of this call, management will make projections or other forward-looking remarks regarding future events or the future financial performance of the company. It's important to note that such statements and events are forward-looking statements and reflects our current perspective of the business trends and information as of today's date. Actual results may differ from current expectations and projections depending on a number of factors affecting the Allergan business. These factors are detailed in our periodic public filings with the Securities and Exchange Commission. Allergan disclaims any intent or obligation to update these forward-looking statements except as expressly required by law.

Turning to Slide 3 in our agenda this morning, with us on today's call are Brent Saunders, our Chairman, CEO, and President, who will provide an overview of our third quarter business highlights; Bill Meury, our Chief Commercial Officer, will provide an overview of our commercial performance in the quarter; David Nicholson, our Chief R&D Officer will provide highlights from our pipeline achievements in 2016 and upcoming milestones; and Tessa Hilado, our Chief Financial Officer, will discuss the Allergan third quarter continuing operations results in more detail. Also on the call and available during the Q&A are Rob Stuart, our Chief Operating Officer, and Bob Bailey, our Chief Legal Officer.

With that, I'll turn the call over to Brent.

Executive
Brenton L. Saunders

Great. Thank you, Lisa, and good morning, everyone. At Allergan, we continue to take bold actions as we move forward with our Growth Pharma agenda. We continue to drive top-tier revenue growth and top-tier profitability. We are also making strategic Open Science investments to build even greater depth, breadth, and capabilities in our R&D pipeline. In the third quarter, we added shareholder-friendly capital allocation to our story, with a $5 billion share buyback that we completed ahead of schedule.

And today, we are announcing a new board-approved action to increase return for shareholders and take our capital allocation plans to a new level. In addition to doing the things that make Allergan strong financially, we're also taking bold