Allergan dips nearly 3% after missing 2nd-qtr sales estimates

It was a grim Monday morning for Ireland-incorporated company Allergan (NYSE: AGN) as its share price slid by 3% in early trading after posting quarterly results which did not deliver the revenue returns which analysts expected.

Total sales for 2016’s second quarter were $3.68 billion, a 1.5% increase on the same period in 2015 but short of analysts’ predictions of $3.97 billion. Allergan has blamed its loss of exclusivity on the Alzheimer's drug Namenda IR (memantine HCl, extended release) for revenues not growing further.

The company has reduced its forecast for adjusted full-year net revenue to $14.65 billion to $14.90 billion, from its previous estimate of $17 billion.