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Botox demand underpins Allergan results

New Jersey HQ’d Allergan posted underlying earnings of US$3.35 per share, around 4c better than consensus

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Botox sales are booming

Botox maker Allergan PLC beat forecasts despite losses in the latest quarter more than doubling on a year ago.

The Dublin-based company has been in the thick of the M&A activity in the pharma sector and was tipped last week by the Wall Street Journal to be lining up a bid for rival Biogen.

A US$160bn merger with Pfizer fell through in April after the Obama administration cracked down on tax inversion deals.

New Jersey HQ’d Allergan posted underlying earnings of US$3.35 per share, around 4c better than consensus, on sales of US$3.7bn

Underlying profit [adjusted EBITDA] from continuing operations was US$1.94bn (US$2.08bn), with the dip blamed on Alzheimer drug Namenda going off patent. 

Botox sales rose 14% to US$720mln, dry eye treatment Retasis jumped 20% US$391mln but Namenda eased 19% to US$167mln.

Statutory losses for the quarter were US$501.7mln against US$243mln a year ago.

For the whole of 2016, the pharma expects revenues of between US$14.65bn -14.9bn and underlying earnings per share of US$13.75c – US$14.20c.

 

Quick facts: Allergan

Price: 178.4 USD

NYSE:AGN
Market: NYSE
Market Cap: $58.69 billion
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