Allergan raises outlook; says Valeant offer undervalues company

Thu Oct 9, 2014 7:51am EDT
 
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Oct 9 (Reuters) - Botox maker Allergan Inc lifted its third-quarter profit estimate and said the updated forecast showed that Valeant Pharmaceuticals Inc's takeover offer undervalued the company.

Allergan said it now expects adjusted earnings of $1.76-$1.78 per share for the quarter, up from its previous forecast of $1.44-$1.47, helped by an increase in market share and product approvals.

"Today's announced expectations for the third quarter and updated future outlook further demonstrate that there is a vast value gap between Valeant's offer and the intrinsic value of Allergan," said Allergan Chief Executive David Pyott. (Reporting by Amrutha Penumudi in Bangalore; Editing by Saumyadeb Chakrabarty)