The Dublin-based company said it had a loss of $1.44 per share. Revenues rose 1.4% to $3.68 billion from $3.63 billion a year ago. The strong Botox sales help offset weakness in Namenda IR, a drug used to teat symptoms of Alzheimer’s.
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Allergan Plc posted second-quarter profit that beat analysts’ estimates as sales surged for its blockbuster wrinkle treatment Botox. Revenue is expected to be $14.65 billion to $14.90 billion. In April, its $160 billion planned merger with Pfizer Inc. fell through after US regulators introduced rules to limit the tax benefits of the transaction. Global sales grew 5.6% to $757 million on eye care, facial aesthetics and Botox growth.
The net loss attributable to ordinary shareholders increased to $571.3 million, or $1.44 per share, for the second quarter ended June 30, from $312.7 million, or 80 cents per share, a year earlier. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $3.28 per share. For 2016, Allergan expects adjusted EPS of $13.75-$14.20, surrounding the FactSet consensus of $14.11. Adjusted diluted earnings per share (EPS) came in at $3.53 and revenues were $3.68 billion. The consensus estimates were for EPS of $3.34 and revenues of $4.1 billion. In July 2015, Allergan agreed to sell off its generic drug business to Teva in a $40.5 billion deal. The stock traded up about 0.3% in Monday’s premarket session at $254.68. Allergan also plans to use cash proceeds from generics sale to seek “tuck-in deals”, although it may be open to larger transactions as well.
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Last week, the Wall Street Journal floated the possibility of Allergan bidding for biotech giant Biogen Inc, which has a market cap of some $70 billion. Allergan shares are trading down nearly 4% as of 9.56 AM EDT.
