Allergan Revenue Increases, Though Loss Widens

Allergan PLC posted revenue growth, but its loss doubled in its latest quarter as the Botox maker moves on from the sale of its generics business to Teva Pharmaceutical Industries Ltd. and its failed $150 billion merger with Pfizer Inc.

The Dublin-based drug company, which counts wrinkle-eraser Botox, eyelash plumper Latisse and dry-eye treatment Restasis among its portfolio of specialty pharmaceuticals, closed its $40.5 billion deal last week to sell its generics business to Teva . In April, Allergan and Pfizer terminated their planned megamerger after the Obama administration took aim at the so-called inversion deal.

During the quarter, several drugs across Allergan's portfolio logged double-digit sales increases, with Botox revenue increasing 14% to $719.7 million and Restasis sales increasing 20% to $390.6 million.

Sales in its U.S. general medicine segment fell 9.9% to $1.45 billion as its Namenda IR alzheimer's treatment lost exclusivity. U.S. specialized therapeutics revenue grew 10% to $1.49 billion on growth in eye care, facial aesthetics and neuroscience. International sales grew 5.6% to $757 million on eye care, facial aesthetics and Botox growth.

In all for the quarter, Allergan reported a loss of $501.7 million, compared with its loss of $243.1 million a year prior. Much of the increased loss came from the impact of discontinued operations.

On a per-share basis after the payout of preferred dividends, the company posted a loss of $1.44, compared with its loss of 80 cents a year prior. Excluding special charges and items related to acquisitions and divestitures, earnings per share were $3.35. Revenue increased 1.5% to $3.68 billion.

Analysts had projected $3.34 in adjusted per-share earnings and $4.08 billion in revenue, according to Thomson Reuters. Last week Allergan said Teva would purchase its generic pharmaceuticals distributor for $500 million and that the impact of that sale might not be yet taken into account by Wall Street analysts, potentially skewing estimates.

Shares in the company, up 26% over the past three months, declined 0.7% to $251.99 in premarket trading.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

August 08, 2016 08:35 ET (12:35 GMT)

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