Allergan plc (AGN) saw its shares drop 4.2% in premarket hours on Tuesday after the company reported a GAAP net loss for the fourth quarter of 2018. Revenue and adjusted EPS came in ahead of expectations. Total revenues declined 5.7% to $4.08 billion compared to the same period last year.
The company reported a net loss of $4.2 billion, or $12.83 per share, for the quarter compared to a net income of $3.05 billion, or $8.88 per share, in the year-ago period, hurt by impairment charges of $5.4 billion. Adjusted EPS dropped 11.7% to $4.29 from last year.
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.
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.
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.
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