Allergan reports Q3 results, including 90% increase in net revenue

Allergan reported net revenue increasing 90% to $4.1 billion for the quarter ending Sept. 30, compared with $2.2 billion in the third quarter of 2014, according to a press release.

“These strong results were driven by our continued focus on customers, fueling volume driven year-over-year growth in our U.S. Brands, Medical Aesthetics, International Brands and Anda Distribution segments, while also executing preintegration activities ahead of the divestiture of the Generics business to Teva, which remains on track to be completed by the first quarter of 2016,” Brent Saunders, CEO and president of Allergan, stated in the release.

Diluted earnings per share increased 65% to $3.48 for the third quarter of 2015 on a non-GAAP basis, compared with $2.11 in the same time a year earlier, according to the release. GAAP loss from continuing operations per diluted share for the third quarter was $2.35, compared to GAAP loss of $4.40 in the prior year period. The GAAP results were impacted mainly by the acquisition of Allergan by Actavis on March 17, and research and development (R&D) expenses occurred in the acquisition of the R&D assets from Merck and Naurex, according to the release.

“In the third quarter … we advanced many of our late-stage pipeline programs, including FDA approvals of Viberzi and VRAYLAR (cariprazine),” Saunders stated. “We also announced the acquisition of Kythera, Oculeve, and the Neurex compounds.”

U.S. Brands net revenue increased 50% to $2.4 billion for the third quarter of 2015, which was mainly attributed to the acquisition of Allergan legacy products, including Botox, Restasis, Lumigan/Ganfort and Combigan, the release stated.

U.S. Medical Aesthetics net revenue was $457 million in the third quarter of 2015, with results attributed to the Allergan acquisition, the release stated.

Allergan also confirmed in the release that it has been approached by Pfizer and is in preliminary discussions regarding a potential business combination transaction.

Reference: www.allergan.com