Allergan attacks Valeant’s financial results

US Botox maker Allergan (NYSE: AGN), the subject of a hostile $53 billion takeover attempt by Canada’s Valeant Pharmaceuticals International (TSX: VRX), has accused the latter of making “numerous inconsistencies and omissions” in its financial results.

Allergan was commenting on the release of Valeant’s second quarter earnings last week. It said that Allergan's financial advisors and forensic accountants analyzed Valeant's reported financial and operating results, “identifying numerous inconsistencies and omissions.” It added that Valeant’s presentation “failed to provide investors with sufficient relevant information to gauge the true performance of Valeant's business or operations.”

A company statement said: “In Allergan's view, Valeant's ongoing failure to provide complete, fully transparent information and relevant supporting data for its performance remains a significant and growing concern among Allergan's stockholders and the overall investment community. At the same time, there continues to be an overwhelming divergence between Valeant's reported GAAP and non-GAAP results, additionally highlighting the opaqueness of Valeant's financial reporting.”