Allergan plc Board of Directors Issues Statement on Company's Social Contract with Patients

DUBLIN, Dec. 22, 2016 /PRNewswire/ -- Allergan plc (NYSE: AGN) Board of Directors issued the following statement on the Company's Social Contract with Patients:

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The Board of Directors of Allergan is proud to support our Company's pursuit of medical innovation and commitment to patients.  The Board has been supportive of this action from the beginning, and we are issuing this statement to underscore the strong connection between the Social Contract and the role it plays in the Corporate Governance of the Company. 

Innovation in our industry requires a commitment to long-term investments in research and development to bring promising new medicines to market, and it has also proven to have profound societal impacts on life expectancy and health over the last generation.  We believe it is our responsibility to price treatments in a way that makes them accessible and affordable to patients, while still encouraging future investment by providing return to our shareholders. 

We have endorsed the four principles of Allergan's Social Contract with Patients: 

1: Invest & Innovate
2: Access & Price
3: Quality & Safety
4: Education

Adhering to the principles of our Social Contract will be key to the Company's success, as it will enable us to fulfill our responsibilities to patients which, in turn, makes our business stronger and fuels our ability to generate return for our shareholders.  Like all successful businesses, ours is built on trust from and with our customers and their patients.  This Social Contract is a key component of that trust and it is imperative that our leaders focus on its tenets as we make business decisions that ultimately improve the health and well-being of patients.

Our Board's structure and composition lends itself to continuing thoughtful consideration of the four principles, as well as oversight of management's implementation of the Social Contract.  By virtue of our current and prior work experience, and our participation on the boards of public and private entities, our Board members bring the perspective of all stakeholders to this discussion, including practicing physicians, private insurers, retail pharmacy, pharmacy benefit managers, major healthcare systems, pharmaceutical companies and non-profit patient groups. 

Our increasingly vibrant medical innovation ecosystem is discovering new medicines, improving outcomes for patients and, by doing so, lowering the overall cost of disease.  It is a special privilege to work in this industry at this time of medical innovation.  Allergan's Social Contract is good for our Company, and it is also vital for our most important constituents – the medical professionals and patients who count on Allergan to continue finding new treatments for their most pressing medical needs and the investors who expect us to create sustainable value as we serve our customers.

About Allergan plc

Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global pharmaceutical company and a leader in a new industry model – Growth Pharma.  Allergan is focused on developing, manufacturing and commercializing branded pharmaceuticals, devices and biologic products for patients around the world.

Allergan markets a portfolio of leading brands and best-in-class products for the central nervous system, eye care, medical aesthetics and dermatology, gastroenterology, women's health, urology and anti-infective therapeutic categories.

Allergan is an industry leader in Open Science, the Company's R&D model, which defines our approach to identifying and developing game-changing ideas and innovation for better patient care.  This approach has led to Allergan building one of the broadest development pipelines in the pharmaceutical industry with 70+ mid-to-late stage pipeline programs in development.

Our Company's success is powered by our more than 16,000 global colleagues' commitment to being Bold for Life.  Together, we build bridges, power ideas, act fast and drive results for our customers and patients around the world by always doing what is right.

With commercial operations in approximately 100 countries, Allergan is committed to working with physicians, healthcare providers and patients to deliver innovative and meaningful treatments that help people around the world live longer, healthier lives every day.

For more information, visit Allergan's website at www.Allergan.com.

Forward-Looking Statement

Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Allergan's current perspective of existing trends and information as of the date of this release. Except as expressly required by law, Allergan disclaims any intent or obligation to update these forward-looking statements. Actual results may differ materially from Allergan's current expectations depending upon a number of factors affecting Allergan's business. These factors include, among others, the difficulty of predicting the timing or outcome of FDA approvals or actions, if any; the impact of competitive products and pricing; market acceptance of and continued demand for Allergan's products; difficulties or delays in manufacturing; and other risks and uncertainties detailed in Allergan's periodic public filings with the Securities and Exchange Commission, including but not limited to Allergan's Annual Report on Form 10-K for the year ended December 31, 2015 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2016 (certain of such periodic public filings having been filed under the "Actavis plc" name). Except as expressly required by law, Allergan disclaims any intent or obligation to update these forward-looking statements.

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SOURCE Allergan plc