Allergan posted a decline in US Specialized Therapeutics revenues mainly due to lower RESTASIS revenue and the divestiture of the Medical Dermatology business in September. RESTASIS revenues dropped 18.8% in the quarter due to lower demand and net pricing.
BOTOX Cosmetic and JUVEDERM Collection posted revenue increases of 13% and 13.5%, respectively. Revenues in BOTOX Therapeutic grew 12.8% year-over-year. Despite the product recalls, OZURDEX saw an 11% growth in revenues. Revenues for ALLODERM, CoolSculpting and ALPHAGAN/COMBIGAN saw decreases during the quarter.
Earnings preview: Botox to drive Allergan’s growth in Q4
ADVERTISEMENT
In US General Medicine, revenues declined 8.4% mainly due to lower revenues from NAMENDA XR and ESTRACE due to generic competition. International revenues inched up 1% helped by growth in Facial Aesthetics and BOTOX Therapeutic. The revenues in several international markets were affected by a recall of textured breast implants as well as lower OZURDEX sales due to a product recall.
Also see: Allergan plc Q4 2018 Earnings Conference Call Transcript
The company’s Board of Directors authorized a new $2 billion share repurchase program as part of its capital allocation strategy, which is expected to be deployed over the next 12 months.
For the first quarter of 2019, Allergan expects total revenues of $3.4 billion to $3.5 billion. GAAP loss per share is expected to be $0.39 to $0.20 while adjusted EPS is expected to be $3.40 to $3.60. For full-year 2019, the company expects total revenues to be $15 billion to $15.3 billion. GAAP EPS is expected to be around $1.14 while adjusted EPS is expected to be around $16.36.