Allergan Shares Fall on Mixed Q2, but Forecast Falls Short

allergan-agn-logoPharma giant Allergan plc (NYSE:AGN) posted solid second quarter earnings this morning, but its tepid forecast left investors wondering about the company’s future growth.

The Dublin, Ireland-based firm reported adjusted second quarter net income of $3.35 per share, which beat analyst estimates by $0.03. Revenue rose 1% from last year to $3.71 billion, missing estimates for $3.98 billion.

Looking ahead, AGN forecast full-year EPS of $13.75 to $14.20, versus consensus outlook of $14.09, and revenue of $14.65 billion to $14.90 billion.

From the press release:

“Allergan delivered another quarter of strong operating performance, while taking important steps to advance our evolution as a focused Growth Pharma leader,” said Brent Saunders, CEO and President, Allergan. “Our teams delivered strong revenues powered by robust performance from key brands, including BOTOX®, RESTASIS®, LINZESS®, JUVEDERM® and LO LOESTRIN®. Our R&D teams have delivered thirteen major U.S. and international approvals, including BYVALSON™ and NAMZARIC®, and completed nine major regulatory submissions, including XEN for glaucoma and True Tear for dry eye to the Food and Drug Administration, so far this year.”

Other notes from the call included:

  • US Eyecare sales rose 10% to $636 million.
  • US Aesthetics segment sales rose 15% to $420 million.
  • As of June 30, 2016, Allergan had cash and marketable securities of $507 million and outstanding indebtedness of $39.6 billion.

Allergan shares lost $5.22 (-2.06%) to $248.63 in Monday morning trading. AGN has now fallen more than 20% year-to-date.

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