Allergan revenues drop but beat forecasts

Ireland-headquartered Allergan (NYSE: AGN) today reported its third quarter 2018 financials, showing that generally accepted accounting principles (GAAP) net revenues were $3.91 billion, a 3.0 % decrease from the prior year quarter, but above the FactSet consensus of $3.89 billion.

Non-GAAP adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $2.01 billion, down 2.1%. Excluding items, Allergan earned $4.25 per share, beating analysts’ average expectation of $4.04, according to Refinitiv data.  The company’s shares gained a modest 0.40% to $174.50 in pre-market trading.

"Allergan's performance in the third quarter of 2018 highlights the momentum in our business and our focus on execution. We continued to deliver solid results in the third quarter, driven by double-digit growth from many of our key promoted brands, led by BOTOX Therapeutic and Cosmetic, JUVÉDERM, and VRAYLAR," said Brent Saunders, chairman and chief executive of Allergan. "We also maintained momentum in the R&D pipeline with achievements of significant milestones for key programs including cariprazine in bipolar depression, ubrogepant in acute migraine and abicipar in age-related macular degeneration."