Allergan (AGN) Tops Q2 EPS by 29c, Offers FY and Q3 Guidance

Allergan (NYSE: AGN) reported Q2 EPS of $4.42, $0.29 better than the analyst estimate of $4.13. Revenue for the quarter came in at $4.1 billion versus the consensus estimate of $3.92 billion.

GUIDANCE:

Allergan sees FY2018 EPS of $16.00-$16.50, versus the consensus of $16.08. Allergan sees FY2018 revenue of $15.45-15.6 billion, versus the consensus of $15.31 billion.

Allergan sees FY2018 EPS of $3.80-$4.10, versus the consensus of $3.90. Allergan sees FY2018 revenue of $3.75-3.9 billion, versus the consensus of $3.77 billion.

NEW SHARE REPURCHASE PROGRAM

Allergan's Board of Directors has authorized a new $2.0 billion share repurchase program as part of the Company's capital allocation strategy. Allergan expects to deploy the program over the next 12 months. The Company completed the $2 billion share repurchase that was previously authorized by the board in September 2017.

Allergan reaffirmed its commitment to maintaining investment grade credit ratings and achieving a net debt to adjusted EBITDA ratio of less than 2.5X by the end of 2020.

These actions reflect the Company's conviction in its strategy and strong future cash flow position, allowing for periodic return of cash to shareholders through dividends and share buybacks while maintaining investment grade ratings and continuing its strategy to pay down debt.

For earnings history and earnings-related data on Allergan (AGN) click here.

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