New Study Showcases Economic and Community Impact of Allergan's Operations in Ohio
CINCINNATI, April 15, 2019 /PRNewswire/ -- A new study by the University of Cincinnati Economics Center finds that the Ohio operations of biopharmaceutical company Allergan have a significant impact on the state's economy and communities. The study finds that the annual economic impact of Allergan's manufacturing and packaging facility in Cincinnati includes total output of $46.3 million and total earnings of $28.8 million. Allergan's economic impact is primarily a result of its daily operations and capital investments in Cincinnati, as well as its strong influence on employment in the community. The manufacturing facility, which employs nearly 200 highly skilled workers, supports 686 total jobs directly and indirectly through local investment and daily operations, according to the study. Additionally, Allergan's capital expenditures and operations in Cincinnati generate significant local and state tax revenues with a total fiscal impact of more than $1.3 million in 2017.
The Economics Center study finds that Allergan and its employees contribute substantially to the Ohio community through volunteering and financial donations. Allergan's Cincinnati employees donate hundreds of hours of their time each year to a range of local charitable and community initiatives. In addition, The Allergan Foundation has contributed a total of $555,000 to organizations in Cincinnati and in Ohio since it was established in 1998.
"Allergan's contribution to Ohio's community and economy is substantial. The company's Cincinnati manufacturing and packaging plant is a driver of economic activity for the state, including through employment, earnings, capital expenditures, and tax revenues. In addition, Allergan and its employees contribute to the communities in which they live and work through philanthropy and volunteerism. Allergan employees have spent hundreds of hours volunteering for local charities and community outreach programs while The Allergan Foundation has contributed more than half-a-million dollars to charitable groups in the Cincinnati area," said Brad Evans, Director of Research at the University of Cincinnati Economics Center.
"Allergan is extremely proud of our strong partnerships in the Cincinnati community and the economic impact of our operations as detailed in the University of Cincinnati study. Our positive impact would not be possible without the tremendous support of local and state leaders who make Cincinnati an excellent place for companies like Allergan to do business. Another key contributor is our Cincinnati team which plays an important role in supporting Allergan's commitment to delivering innovative treatments for patients. We also applaud our Cincinnati colleagues for earning Allergan's "Plant of the Year" distinction in 2017 and 2018. Allergan looks forward to making significant contributions to the economy and community of Cincinnati and the Buckeye state for many years to come," said Brent Saunders, Chairman and CEO of Allergan.
Additional findings of the Economics Center study included:
- Allergan's total annual economic output of $46.3 million includes $34.7 million in output from operations and $11.6 million in output from capital investments.
- Allergan's total employment impact of 686 jobs includes nearly 200 direct positions and 467 jobs supported indirectly by the economic contribution of the Cincinnati facility.
- Allergan's Cincinnati facility enjoys strong employee retention with the average employee tenure of eight years.
- Allergan's more than $1.3 million in total fiscal impact in 2017 included more than $316,000 in local tax revenue and more than $1.0 million in tax revenue paid to Ohio.
- The Allergan Foundation's 2017 contributions in Cincinnati and Ohio included donations for the Cincinnati Eye Institute Foundation, the Cincinnati Association for the Blind, St. Vincent de Paul Charity Pharmacy of Cincinnati and the Cleveland Clinic.
The study, titled "The Economic and Community Impact of Allergan in Ohio" was commissioned by Allergan. Full-text of the original report and the supplement are available via the following links:
About Allergan's Ohio Operations
Allergan employs nearly 200 highly skilled workers at its 150,000 square-foot manufacturing and packaging facility in Cincinnati. The facility currently produces a number of products supporting the Central Nervous System and Gastroenterology therapeutic areas, including VRAYLAR® (Cariprazine) for the treatment of schizophrenia and for the acute treatment of manic or mixed episodes of bipolar I disorder and LINZESS® (linaclotide) for the treatment of irritable bowel syndrome with constipation and chronic idiopathic constipation. Opened in 1984, Allergan's Cincinnati facility now produces more than one billion doses annually. Cincinnati received Allergan's "Plant of the Year" distinction in 2017 and 2018.
About The Allergan Foundation
The Allergan Foundation is a U.S.-based, private charitable foundation committed to providing a lasting and positive impact in the communities in which Allergan employees live and work. The Allergan Foundation focuses its support on charitable efforts dedicated to promoting access to quality healthcare and improving patient diagnosis, treatment, care and quality of life. Established in 1998, The Allergan Foundation has donated more than $92 million to a wide variety of philanthropic pursuits globally. For more information, visit The Allergan Foundation website at www.AllerganFoundation.org.
About Allergan plc
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a bold, global pharmaceutical leader. Allergan is focused on developing, manufacturing and commercializing branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world.
Allergan markets a portfolio of leading brands and best-in-class products primarily focused on four key therapeutic areas including medical aesthetics, eye care, central nervous system and gastroenterology.
Allergan is an industry leader in Open Science, a model of research and development, which defines our approach to identifying and developing game-changing ideas and innovation for better patient care. With this approach, Allergan has built one of the broadest development pipelines in the pharmaceutical industry.
Allergan's success is powered by our 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.
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 on existing trends and information as of the date of this release. 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; the impact of uncertainty around timing of generic entry related to key products, including RESTASIS®, on our financial results; risks associated with divestitures, acquisitions, mergers and joint ventures; risks related to impairments; uncertainty associated with financial projections, projected cost reductions, projected debt reduction, projected synergies, restructurings, increased costs, and adverse tax consequences; 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, 2018. Except as expressly required by law, Allergan disclaims any intent or obligation to update these forward-looking statements.
Manisha Narasimhan, PhD
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SOURCE Allergan plc