Allergan Financial Report

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Chapter 1: Introduction
What are your motivations or interests in selecting this company?

My motivation in selecting this company is such that Stonebridge Associates LLC has recently served as financial advisor to Serica Technologies, Inc. in regards to the company’s acquisition by Allergan, Inc. Following matriculation, I plan to enter the investment banking industry and would greatly like to work as an analyst for Stonebridge Associates. However, first I would need to secure an internship with Stonebridge Associates. It is my belief that demonstrating my abilities through this report on a topic of relevance would aid in my application.

What questions are you seeking to answer?

The question I am seeking to answer through my research is to determine if Allergan, Inc. is a financially healthy company.

Question 1: What is the company’s complete name?
Allergan, Incorporated

Question 2: What is the address of the company’s corporate headquarters? Street Address: 2525 DuPont Drive, Irvine, California 92612 Mailing Address: P.O. Box 19534, Irvine, California 92623-9534

Question 3: Identify the company’s Internet site.
http://www.allergan.com/

Question 4: Identify the telephone number and e-mail address of the Investor Relations Department Phone: (714) 246-4500
Fax: (714) 246-4971
Investor Contacts:
Jim Hindman (714) 246-4636
Joann Bradley (714) 246-4766
Emil Schultz (714) 246-4474

Shareholder’s services are handled by Wells Fargo Bank, N.A. www.wellsfargo.com/com/shareowner_services

Question 5: On which stock exchange is the company listed?
New York Stock Exchange

Question 6: What is the company’s stock exchange trading symbol? AGN

Question 7: What is the company’s Standard Industrial Classification (SIC) and code? SIC Code: 2834 – Pharmaceutical Preparation

Question 8: How many board members does the company have?
Twelve

Question 9: How many of the directors are company employees, labeled inside directors? And how many are non-company directors, labeled outside directors? Why does a company want and need outside directors? There is one current employee (chief executive officer – David E. I. Pyott) that serves as a board member, specifically as Chairman. Additionally, Gavin S. Herbert (founder and Chairman Emeritus) serves as a board member. The other ten board members are outside directors. The reason a company would chose to have a mix of inside and outside directors is to ensure the company does not lose sight of big picture issues while being familiar with the day-to-day tactical aspects of the company.

Question 10: Where and when is the annual stockholder meeting? The Annual Meeting of Stockholders of Allergan, Inc. was held at the Hyatt Regency Irvine, 17900 Jamboree Road, Irvine, CA 92614, on April 30, 2009, at 10:00 a.m. Pacific Time.

Chapter 1: Company Strategy and Business Environment
Question 1: Review the chairman’s message of the company’s annual report. Based on the chairman’s (David E. I. Pyott) message in the 2009 annual report, it is my opinion that the company is optimistic in regards to its future despite less than desired performance in 2008, which was stated as being due to the general contraction of the economy. David E. I. Pyott stated the following: “2008 was a challenging year financially given the worldwide economic downturn. However, 2008 also represented a time for reflection and assessment of our short- and long-term opportunities, enabling us to emerge from 2008 stronger and better prepared for the challenges ahead…

We are confident about our ability to produce top quartile results as we have exceptional employees in operations all over the globe who have consistently demonstrated their ability to not only work very hard but to handle day-to-day operations with excellence while executing considerable change programs and launching new products.”

Question 2: Identify from the primary company strategy...
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