Allergan plc Ordinary Shares (NYSE:AGN) released its fourth quarter earnings reports before opening bell this morning, posting adjusted earnings of $3.41 per share, compared to the consensus of $3.34 per share, on $4.2 billion in revenue, which was in line with the consensus. The Botox maker posted revenue of $2.4 billion and adjusted earnings of $2.57 per hare in the previous year’s fourth quarter.
Allergan’s losses improve
Allergan’s reported losses were $1.78 per share, which marked a significant improvement from last year’s $3.34 per share in losses. Adjusted EBITDA from continuing operations amounted to $2 billion, a 115% improvement from the year-ago quarter’s $923 million.
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Amortization, expenses related to the acquisition, impairments, licensing agreements, and severance payments related to the Allergan and Kythera acquisitions all had negative impacts on the company’s GAAP results. Also the company began reporting the Global Generics business under discontinued operations as it prepares to sell the business to Teva Pharmaceuticals. The U.S. Brands, International Brands, U.S. Medical and Anda Distribution businesses remain under continuing operations.
The U.S. Brands business recorded net revenues of $2.5 billion for the fourth quarter, while the U.S. Medical segment saw $490 million in net revenues for the quarter. Allergan’s International Brands business clocked $690.9 million in revenue, while Anda Distribution saw net revenues of $547 million.
“In the fourth quarter, our R&D team continued to produce robust output from our industry leading pipeline, which delivered nearly 10 percent of all U.S. FDA NME approvals in 2015,” Allergan CEO and President Brent Saunders said in a statement. “We also enhanced our category leadership through the acquisition of Anterios, a licensing agreement with Mimetogen and our research collaboration with Rugen Therapeutics. This progress in our pipeline, matched with our commitment to driving innovation and value through our Open Science model, positions Allergan to address unmet patient needs within our key therapeutic areas.”
Allergan issues weak guidance
Allergan management said they expect revenue for the full year to come in at around $17 billion, which is light against the consensus at $17.7 billion. They expect non-GAAP branded net revenues to be at around $15 billion.
Shares of Allergan plc Ordinary Shares (NYSE:AGN) were unchanged from Friday’s close of $275.24 per share as of this writing.