Allergan plc (NYSE: AGN) surpassed market’s expecations for Q2. The company also lifted its revenue outlook for full-year 2019. Non-GAAP performance EPS of $4.38 and revenue of $4.09 billion in the second quarter topped analysts’ EPS prediction of $4.35 and revenue estimate of $3.94 billion. Allergan stock ended down 0.24% at $160.63 yesterday.
On a GAAP basis, the Botox maker reported a loss of $5.37 per share for the second quarter 2019 compared to a loss of $1.39 per share in the prior-year quarter. Non-GAAP operating income declined 6% year-over-year to $1.85 billion, partially impacted by lower revenues due to divestitures, products that lost exclusivity and declines in textured breast implants due to a global recall.
“In the second quarter of 2019, Allergan delivered steady growth in our key products including BOTOX, VRAYLAR, JUVÉDERM, Lo LOESTRIN and OZURDEX while we continued to advance our pipeline, highlighted by the FDA’s approval of VRAYLAR (Cariprazine) for Bipolar Depression and the NDA acceptance for Bimatoprost SR for Glaucoma,” said CEO Brent Saunders.
The Dublin, Ireland-based company lifted its revenue outlook for 2019, while maintaining non-GAAP performance net income per share guidance. Allergan now expects GAAP revenue to be in the range of $15.425-15.625 billion versus the prior estimate of $15.125-15.425 billion and non-GAAP revenue to be in the range of $15.400-15.600 billion versus the previous outlook of $15.100-15.400 billion.
Allergan now expects 2019 GAAP loss per share to be >$12.03 compared to the prior estimate of >$5.70 loss per share. The company reaffirmed its full-year non-GAAP earnings outlook of >$16.55 per share.
Due to the proposed acquisition of Allergan by AbbVie (NYSE: ABBV) , Allergan will not be hosting a conference call to discuss its second quarter results. AbbVie announced in June that it will acquire Allergan in a cash and stock transaction for $63 billion. This deal is expected to close in early 2020.
Two weeks ago, AbbVie reported its second quarter results that bettered the market’s predictions. The North Chicago, Illinois-based company also lifted its earnings outlook for fiscal 2019.
Allergan shares, which plunged to a 52=week low ($114.27) on June 17, have increased 20% since the beginning of this year and dropped 14% in the trailing 12 months.
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