Allergan plc (NYSE: AGN), which is all set to be acquired by rival drugmaker AbbVie (ABBV), reported a 21% increase in fourth-quarter adjusted earnings that also came in above analysts’ forecast. The bottom-line benefitted from revenue growth across all the key markets. The firm’s stock gained early Monday, immediately after the announcement.
At $4.35 billion, revenues were up 7% year-over-year and sharply above analysts’ forecast. Adjusted earnings moved up 21% annually to $5.22 per share and topped the Street view.
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Segment-wise, revenue of US Specialized Therapeutics edged up 0.7%, while US General Medicine revenue advanced 15.2%, International revenue was up 8.1%.
On an unadjusted basis, the company reported a net loss of $317.12 million or $0.97 per share, compared to a loss of $4.3 billion or $12.83 per share in the fourth quarter of 2018.
“I am proud of Allergan’s colleagues. They achieved FDA approval of UBRELVY, a first-in-class oral treatment for migraine; two new approvals for BOTOX® for pediatric spasticity; approval for VRAYLAR for bipolar depression; and filings for two new eye care drugs – Bimatoprost SR for glaucoma and Abicipar for Age-related Macular Degeneration,” said CEO Brent Saunders.
Last month, the proposed acquisition of Allergan by AbbVie moved closer to completion after it received the European Commission’s approval. In view of the pending deal, Allergan will not be holding a conference call to discuss the fourth-quarter results. The transaction is expected to close in the first quarter.
The company said it has been taking forward various research and development activities under its key drug-development programs.
During the fourth quarter, Allergan obtained FDA approval for its new drug application for Ubrelvy, indicated for the treatment of acute migraine. The drug was launched last month. Also, ATM-AVI obtained infectious-disease-product designation and fast-track designation from the FDA for antibiotic-resistant infections.
Recently, the company announced the sale of brazikumab and ZENPEP to AstraZeneca and Nestle, respectively. The transactions are pending approval from the Federal Trade Commission and the European Commission.
Allergan shares gained modestly during Monday’s premarket session, after closing the previous session higher.
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