Allergan beats on revenues and 2017 guidance

Ireland-incorporated Allergan (Nasdaq: AGN) today reported its fourth quarter and full year 2016 continuing operations performance that pleased investors, sending the drugmaker’s shares up more than 2% to $237.32 in late-morning trading.

Generally accepted accounting principles (GAAP) operating loss from continuing operations in the fourth quarter was $900 million, an increase in losses of 58.0% versus prior year primarily due to R&D-related charges and impairments. Non-GAAP adjusted operating income from continuing operations in the fourth quarter was $1.87 billion. Non-GAAP adjusted operating income was impacted by higher operating expenses.

Total net revenues rose 7% $3.86 billion in the fourth quarter, beating the average estimate of $3.77 billion, according to Thomson Reuters, driven by strong performance from higher revenues in Facial Aesthetics, Botox Therapeutic, Eye Care, Linzess (linaclotide) and new product launches across therapeutic areas, partially offset by lower revenues from Namenda XR (memantine HCl) and loss of exclusivity of Asacol HD (mesalazine).