Independent Baylor University Study Showcases Economic Impact of Allergan on Waco
WACO, Texas, Jan. 29, 2016 /PRNewswire/ -- A new, independent study from the Baylor University Center for Business & Economic Research found that Allergan's Waco operations generated a combined economic impact on Waco area income of $263 million and an aggregate impact on total spending of $406 million in the Central Texas economy in 2015. The economic impact was a direct result of the Company's strong employment and labor force earnings at its Waco facility, with employment increasing 28% and its labor force earnings increasing 39% in the period between 2010 and 2015.
The study, titled "The Economic Impact of Allergan on the Central Texas Economy," was conducted and developed by Tom Kelly, Ph.D., Baylor's Center for Business & Economic Research in Baylor University's Hankamer School of Business.
"As a partner in the Waco and Central Texas communities for 27 years, we are very proud of the significant impact Allergan has had on the local and regional economies here. Our 750 colleagues in Waco have played an important role in bringing important medicines to patients in 110 countries," said Brent Saunders, President and CEO of Allergan. "Our rich history and impact in Waco and Central Texas has not been achieved alone. It has been made possible by the strong mix of highly skilled and talented people, access to and collaboration with respected health care professionals and medical institutions like Baylor University and the unwavering support of local, state and federal elected officials and trade associations that make Waco and Texas a great business partner for companies like Allergan."
Additional findings from the Baylor study included:
- Allergan has provided strong job security, with half of its Waco employees having more than five years of company service and a quarter of employees with more than ten years.
- Waco operations in 2015 continued at full employment (24/7), providing strong momentum to fully utilize a previously announced capital investment in 2016 that will be in excess of $50 million. This investment, in its final phases, will further increase the size of Allergan's state-of-the-art pharmaceutical development and production facilities and add new sterile production lines, while adding $1.55 million to wage income received by local construction workers.
- Since 2010 Allergan has demonstrated its importance as a corporate citizen in Waco by contributing more than $713,000 to local nonprofit organizations. Allergan is also projected to pay $3.84 million in local property taxes in 2016.
- For 2016, the total economic impact of Allergan capital investment plus operations on the Central Texas economy is projected to be $450.3 million.
"The findings of this study clearly showcases how valuable Allergan has been to our community and economy, and is a testament to the importance of attracting strong, growing companies who require highly skilled work forces to the Waco and Central Texas area," said Tom Kelly, Ph.D., Baylor Center for Business & Economic Research.
"Allergan has been a very strong partner to the Waco business community throughout its 27 year history, and the findings of this study underscore the impact of that partnership," said Tate Christensen, Chairman of the Greater Waco Chamber of Commerce. "We applaud their important work in developing important medicines for patients and healthcare professionals, and look forward to continuing to strengthen our relationship and supporting their impact on the Waco economy in the years ahead."
"I am proud and honored that Allergan has chosen to call Waco home for more than 25 years, creating hundreds of jobs for highly skilled Texas workers," said Bryan Daniel, Economic Development and Tourism Division Director - Office of Governor Greg Abbott. "I am confident that Texas' extraordinary business climate will continue to attract healthcare industry leaders like Allergan to the Lone Star State."
The full study is available via the following link: http://www.allergan.com/Actavis/media/Allergan-PDF-Documents/PDF-Documents/Allergan-Baylor-University-Study-Jan-2016.pdf
About Allergan's Waco, TX Operations
Allergan employs more than 750 highly skilled workers at its 400,000 square-foot facility located on a 69-acre campus in Waco's Texas Central Park. The facility currently produces a number of eye-care and dermatological products, including Restasis® (Cyclosporine Ophthalmic Emulsion) 0.05%,a treatment that helps increase the eyes' natural ability to produce tears, which may be reduced by inflammation due to Chronic Dry Eye, and Latisse® (bimatoprost ophthalmic solution) 0.03% an FDA-approved treatment to grow eyelashes for people with inadequate or not enough lashes. Allergan opened its Waco facility in 1989, and in 2016, the Company began a substantial expansion of the facility to add a new testing laboratory and additional production capacity to meet the growing demand for its products around the world.
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a unique, global pharmaceutical company and a leader in a new industry model—Growth Pharma. Allergan is focused on developing, manufacturing, and commercializing innovative branded pharmaceuticals, high-quality generic and over-the-counter medicines, and biologic products for patients around the world.
Allergan markets a portfolio of best-in-class products that provide valuable treatments for the central nervous system, eye care, medical aesthetics, gastroenterology, women's health, urology, cardiovascular and anti-infective therapeutic categories, and operates the world's third-largest global generics business, providing patients around the globe with increased access to affordable, high-quality medicines. Allergan is an industry leader in research and development, with one of the broadest development pipelines in the pharmaceutical industry and a leading position in the submission of generic product applications globally.
With commercial operations in approximately 100 countries, Allergan is committed to working with physicians, health care providers, and patients to deliver innovative and meaningful treatments that help people around the world live longer, healthier lives.
For more information, visit Allergan's website at www.allergan.com.
About Baylor University
Baylor University is a private Christian University and a nationally ranked research institution. The University provides a vibrant campus community for more than 16,000 students by blending interdisciplinary research with an international reputation for educational excellence and a faculty commitment to teaching and scholarship. Chartered in 1845 by the Republic of Texas through the efforts of Baptist pioneers, Baylor is the oldest continually operating University in Texas. Located in Waco, Baylor welcomes students from all 50 states and more than 80 countries to study a broad range of degrees among its 12 nationally recognized academic divisions.
About Hankamer School of Business
Baylor University's Hankamer School of Business provides a rigorous academic experience, consisting of classroom and hands-on learning, guided by Christian commitment and a global perspective. Recognized nationally for several programs, including Entrepreneurship and Accounting, the school offers 24 undergraduate and 13 graduate areas of study. Visit www.baylor.edu/business and follow on Twitter at www.twitter.com/Baylor_Business.
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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 (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.
SOURCE Allergan plc