Market reacts negatively to Allergan results
Shares in Dublin-headquartered drugmaker Allergan (NYSE: AGN) have fallen sharply amid concerns over lower-than-expected revenues and impending competition.
In its fourth quarter and full year 2018 financial results statement, the Botox (onabotulinumtoxinA) maker revealed revenues of $4.1 billion for the quarter, making $15.8 billion for the year.
A fourth quarter loss per share of $12.83 was driven by a $5.4 billion write-off stemming from weak performance in its anti-infectives unit and a goodwill charge related to the double chin product Kybella (deoxycholic acid), which it paid too much for in 2015.
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