Allergan tops estimates as Botox drives gains

Earnings


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

Ryan Reynolds and Rob McElhenney in talks to buy Wrexham soccer club
Darden Restaurants (DRI) Q1 2021 earnings top estimates
Spotify CEO to invest over $1 billion for ‘moonshot’ bets in Europe
Taxes are likely to go up for the wealthy in these nine states
What I wish I’d known when I bought my first home

Leave a Reply

Your email address will not be published.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