Allergan (AGN) Tops Q3 EPS by 18c, Revenues Beat; Lifts FY18 Revenue Guidance Outlook

Allergan (NYSE: AGN) reported Q3 EPS of $4.15, $0.18 better than the analyst estimate of $3.97. Revenue for the quarter came in at $4.03 billion versus the consensus estimate of $3.82 billion.

"Allergan's performance in the third quarter of 2018 highlights the momentum in our business and our focus on execution. We continued to deliver solid results in the third quarter, driven by double-digit growth from many of our key promoted brands, led by BOTOX® Therapeutic and Cosmetic, JUVÉDERM®, and VRAYLAR®," said Brent Saunders, Chairman and CEO of Allergan. "We also maintained momentum in the R&D pipeline with achievements of significant milestones for key programs including cariprazine in bipolar depression, ubrogepant in acute migraine and abicipar in age-related macular degeneration." "Despite the 3.0 percent decline in net revenue driven primarily by loss of exclusivity on some brands, our core business, representing nearly 90 percent of our total revenues, grew 5.9 percent versus prior year or 7.4 percent excluding foreign exchange. Allergan also maintained strong operating margins and grew non-GAAP performance net income per share. Our business continues to generate robust cash flows, and we are maintaining a disciplined approach to capital allocation – with a strong balance sheet, strategic growth investments and capital returns to our shareholders," added Saunders. "With this strong momentum in the business and based on our revised expectations for RESTASIS®, we increased our full-year 2018 guidance for net revenue and non-GAAP performance net income per share." "I am proud of what our team has accomplished this year and excited about our potential to create more value for patients, employees and shareholders for many years to come."

GUIDANCE:

Allergan sees FY2018 revenue of $15.55-15.7 billion, versus the consensus of $15.61 billion.

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

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