Allergan reports revenue increases for 2016, Q4

Allergan reported its fourth quarter and full year 2016 operations performance, including a 7% increase in total net revenues to $3.9 billion in the fourth quarter.

The revenue increase was driven by higher revenues in facial aesthetics, Botox Therapeutic, eye care and Linzess, and new product launches across therapeutic areas, according to a press release.

The company reported total net revenues of $14.57 billion for the full year 2016, a 15% increase from full year 2015, which were driven by growth across key therapeutic areas and a full-year impact of the acquisition of Allergan brands, according to the release.

Brent Saunders, chairman and CEO of Allergan, stated in the release that “2016 was a year of transformation for Allergan. Our top global products and new launches powered revenue growth, including, but not limited to, Botox, Restasis, Ozurdex, fillers, Linzess, Vraylartm, Viberzi, Kybella and Lo Loestrin. Our R&D team continued to advance key programs and deliver FDA approval for new products that change lives.”

“We have growing products and franchises, with nine product launches planned in 2017,” Saunders added. “Our Open Science pipeline is advancing innovative, high-value treatments for patients, including our six 'stars' entering or currently in phase 3 development.”

There was a GAAP operating loss of $900 million in the fourth quarter, an increase in losses of 58% compared with the fourth quarter of the prior year, primarily due to research and development charges and impairments, according to the release.

For the full year 2016, GAAP operating loss from continuing operations was $1.8 billion, a decrease in losses of 41.7% compared to full year 2015. This was “primarily due to the fact that 2015 included the impact of selling through acquired inventory, higher acquisition related stock compensation expense and higher restructuring costs all in connection with the Allergan acquisition,” according to the release.

Reference: www.allergan.com