The Botox-maker would like to reiterate that Valeant doesn’t just need a facelift: It needs to be euthanized so that real pharmaceutical companies can make money the old-fashioned way, by repurposing deadly pathogens and marketing them to insecure women.
The company questioned the stability of Valeant’s management team and the viability of its organic revenue growth, among other things. Allergan said the pro forma revenue growth in Valeant’s filings with the Securities and Exchange Commission “paints a picture far different from what is communicated to investors….”
Allergan also suggested that business for Valeant’s two recent large acquisitions—Bausch & Lomb and Medicis—have been eroding and losing market share.
“Valeant’s limited experience with large, global scale products represents a material execution risk attempting to grow Allergan’s categories and launching significant new large products through existing channels,” Allergan said in a release, saying its Botox annual sales are more than seven times as large as each of Valeant’s largest products, Wellbutrin and Zovirax.
Valeant has largely dismissed research and development spending, opting instead to grow through the acquisition of well-known products, such as Botox, with established market positions.