Allergan reports 3Q loss on charges, but tops expectations
NEW YORK (AP) — Allergan PLC swung to a third-quarter loss on hefty charges, but the results still topped Wall Street expectations as Botox pushed revenue higher.
The drug developer reported a third-quarter loss of $4.03 billion, or $12.07 per share, after reporting a profit in the same period a year earlier. Earnings, adjusted for one-time gains and costs, came to $4.15 per share.
The Dublin-based company took a charge of $3.2 billion related to the loss in a case involving patents for the dry-eye drug Restasis. It also took a $1.3 billion charge related to its Teva stake.
Revenue jumped 11.4 percent to $4.03 billion during the quarter, matching Street forecasts.
Revenue from eye care products rose 4.4 percent to $635.3 million, driven by higher sales of Restasis. Facial aesthetics revenue rose 7.2 percent to $314.9 million, driven by Botox sales.
Looking ahead, Allergan expects full-year earnings in the range of $16.15 to $16.45 per share, with revenue in the range of $15.88 billion to $16.03 billion.
Allergan shares have dropped 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 15 percent. The stock has fallen 15 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AGN at https://www.zacks.com/ap/AGN