Investors unimpressed as Allergan reports quarterly loss of £902 million but raises guidance

Allergan's (NYSE: AGN) shares slipped by 1.2% in the opening moments of Thursday’s trading to $247.30 after announcing its second-quarter 2017 results.

The Ireland-incorporated drugmaker beat Wall Street estimates on certain major measures but declared an operating loss, applying generally accepted accounting principles (GAAP), of $902.4 million. This figure was almost double the operating loss from 2016’s second quarter.

On a per-share basis, the Dublin-based company reported a GAAP continuing operations loss per share of $2.35, but Allergan’s total net revenues were $4 billion, a 9% rise on a year ago and above analysts’ predictions of $3.95 billion. Earnings, adjusted for one-time gains and costs, were $4.02 per share, exceeding the estimates of analysts of $3.95 per share and up 20% on the 2nd-qtr 2016 figure.