Allergan plc (AGN) reported a 3% improvement in revenues to $3.7 billion for the first quarter of 2018 compared to the prior year period, driven by a 13% increase in its core business which includes the Botox and Juvederm brands.
Net loss for the quarter was $332.5 million or $0.99 per diluted share compared to $2.6 billion or $7.86 per diluted share for the same period last year. Adjusted EPS totaled $3.74.
Revenue and adjusted EPS figures beat market estimates, sending shares up by more than 3% in premarket trade.
US Specialized Therapeutics revenues grew 6.5% while U.S. General Medicine fell 9.1% compared to the prior year period. International revenues rose 9%.
In the US, BOTOX Cosmetic net revenues rose 7% while JUVEDERM Collection revenues grew 2.5% versus last year. BOTOX Therapeutic revenues increased more than 16% with growth in chronic migraine, overactive bladder, and adult spasticity indications.
Internationally, BOTOX Cosmetic grew 15.3% with strong growth in all regions while BOTOX Therapeutic revenues rose 8.5%, reflecting strong growth in Europe and Latin America/Canada.
During the quarter, Allergan announced positive top line results in the second of two pivotal phase 3 clinical trials evaluating Ubrogepant for the acute treatment of migraine. Allergan anticipates filing of a New Drug Application (NDA) to the US Food and Drug Administration in 2019.
On a GAAP basis, for the second quarter of 2018, Allergan expects net revenues of $3.8 billion to $4 billion and net loss per share between $0.49 and $0.69. For full-year 2018, net revenues are expected to be $15.1-$15.3 billion, and net loss per share is expected to be in the $2.20-$2.81 range.
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