Allergan tops estimates as Botox drives gains


Botox maker Allergan reported a better-than-expected quarterly profit on Monday and raised its full-year forecast for adjusted net income, driven by higher sales of its medical aesthetics products including the blockbuster wrinkle treatment.

The company’s shares rose about 2.4 percent to $166.70 in premarket trading.

Sales of Botox, its biggest drug by revenue that is also used in treating chronic migraine and overactive bladders, jumped 14.5 percent to $817.3 million in the first quarter.

The company’s aesthetics unit, which also sells products to remove excess body fat, posted a near 30 percent jump in sales.

The Dublin, Ireland-based company has been conducting a strategic review of its business and considering acquisitions and divestitures.

Allergan backed away from a bid for Shire Plc earlier this month, after confirming reports that it was mulling an offer for the rare-disease specialist.

The company managed to grow its revenue despite “exclusivity challenges” for older products, Chief Executive officer Brent Saunders said in a statement.

U.S. Sales of Allergan’s eye drug, Restatsis, which is expected to face competition from cheaper drugs, fell 17.2 percent.

The company now expects 2018 adjusted earnings of $15.65 to $16.25 per share, slightly above its previous forecast of $15.25 to $16 per share.

Net loss attributable to shareholders was $332.5 million, or 99 cents per share, compared with $2.63 billion, or $7.86 per share, a year earlier.

Excluding one-time items, Allergan reported a profit of $3.74 per share, topping analysts’ expectations of $3.36, according to Thomson Reuters I/B/E/S.

Total revenue rose 2.8 percent to $3.67 billion, topping analysts’ average estimate of $3.59 billion.

Cantor Fitzegerald analyst Louise Chen said a beat and raise was widely anticipated by the street since Allergan’s setup looked “conservative heading into the year.”

Source link

Products You May Like

Articles You May Like

College cost is the problem
Major companies Best Buy, HP testify in Washington about tariffs
Young Brits spending less on clothes and restaurants, research shows
Toys R Us to reportedly open new stores later this year
Micron earnings Q3 2019

Leave a Reply

Your email address will not be published. Required fields are marked *