Allergan 4th-qtr sales and earnings beat expectations

Ireland-incorporated Allergan (NYSE: AGN) today reported its full-year and fourth quarter 2019 financial results including full-year 2019 generally accepted accounting principle (GAAP) net revenues of $16.1 billion, a 1.9% increase from 2018. Fourth quarter 2019 GAAP net revenues were $4.35 billion, a 6.6% rise from the prior year quarter and beating FactSet consensus of $4.09 billion.

GAAP operating loss in 2019 was $4.45 billion compared with $6.25 billion in 2018. Non-GAAP operating income was $7.31 billion in 2019 compared to $7.56 billion in 2018, said Allergan, the subject of a 63 billion acquisition by AbbVie (NYSE: ABBV) that it set to complete this quarter. Allergan’s shares were up 1.5% at $200.01 by mid-morning trading.

GAAP operating loss in the fourth quarter of 2019 was $276.6 million. Non-GAAP operating income in the fourth quarter of 2019 was $2.08 billion, an increase of 8.4% versus the prior year quarter.  Excluding non-recurring items, adjusted earnings per share came to $5.22, above the FactSet consensus of $4.57.