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
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.