Allergan CEO vows decisive action amid investor anger
Allergan CEO Brent Saunders acknowledged investor frustration over the company’s direction, promising “decisive action” and urgency from the board on Tuesday. Yet Saunders provided few specifics for a turnaround plan to address declining revenues. This is very similar to Allergan’s position in 2018, and not much has changed.
Last year, a strategic review led the pharma to seek sales for its women’s health and infectious disease units. Today, neither unit has been sold. Meanwhile, pipeline setbacks and questionable M&A decisions, have caused Allergan’s stock to fall more than 50% over the past four years.