Allergan (AGN) reported better-than-expected results for the third quarter driven by double-digit growth from many of its key promoted brands, led by Botox Therapeutic and Cosmetic, Juvederm, and Vraylar. The pharma company posted a 3% decline in revenues to $3.91 billion due to a loss of exclusivity on some brands. Non-GAAP revenue rose 5.9%.
Net loss for the quarter was $37.9 million or $0.11 per diluted share narrower than $3.95 billion or $11.84 per diluted share for the same period last year. Adjusted EPS rose 2.4% to $4.25.
For full-year 2018, the company raised its revenue outlook to the range of $15.575 billion to $15.725 billion from the prior range of $15.475 billion to $15.625 billion, and its adjusted EPS guidance to the range of $16.20 to $16.60 from the prior estimate of $16.00 to $16.50. GAAP loss per share forecast is widened to the range of $3.36 to $2.95 from the prior forecast of $3.08 to $2.57.
US Specialized Therapeutics revenues inched down 0.6% due to lower net pricing, demand, and trade inventory levels in the Restasis as well as generic pressure prior to divestiture hurt Medical Dermatology revenues. This offset growth in Botox Therapeutic and Medical Aesthetics, including Botox Cosmetic and Alloderm.
U.S. General Medicine fell 7.8% as generic competition dragged revenues from Namenda XR and Estrace down. International revenues rose 7.8% excluding foreign exchange impact, driven by growth in Facial Aesthetics, and Botox Therapeutic.
The company repurchased $1.76 billion of its debt in the third quarter of 2018. It expects to conduct one or more financing transactions in the fourth quarter that are expected, along with any additional repurchases during the fourth quarter, to lower its outstanding debt on a net basis by at least $750 million.
Shares of Allergan opened Tuesday’s regular session lower and remained in the red territory. The stock has fallen over 1% in the year so far and over 9% in the past year.
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