Allergan on Tuesday smashed expectations for fourth-quarter adjusted earnings along with said the first of two key trials for its migraine treatment was successful.
Here’s how the company did compared with what Wall Street expected:
- EPS: $4.86 vs. Thomson Reuters’ survey projection of $4.74.
- Revenue: $4.33 billion vs. Thomson Reuters’ $4.28 billion estimate.
inside the fourth quarter, the pharmaceutical company reported a net income of $3.05 billion, or $8.88 per share, compared which has a loss of $70.2 million or 20 cents per share, inside the year-earlier quarter.
However, after stripping out special items, such as costs associated with Allergan’s restructuring program, the company earned $2.17 billion, or $4.86 per share, above analysts’ estimates of $4.74 cents per share.
Allergan clocked $4.33 billion in revenue, up 12 percent via a year earlier along with above expectations of $4.28 billion. Worldwide Botox sales reached $864.3 million, up 17 percent via a year earlier.
Restasis gained slightly to generate $414.9 million in global sales, up about 1 percent via the previous year. Allergan CEO Brent Saunders has told investors generic entrants aren’t likely to hit the market before the second quarter.
Allergan also released top-line results of the ACHIEVE I study, which measured orally administered ubrogepant 50 mg along with ubrogepant 100 mg compared which has a placebo in 1 migraine attack of moderate-to-severe headache intensity.
Allergan found the most common adverse events to be nausea, drowsiness along with dry mouth, none of which was reported which has a frequency greater than 5 percent.
“We are pleased with the favorable results of our ACHIEVE I study, which support the efficacy, safety along with tolerability profile of ubrogepant,” said David Nicholson, Allergan’s chief research along with development officer. “We are confident in which ubrogepant, an oral calcitonin gene-related peptide (CGRP) receptor antagonist will be an option for the treatment of migraines in adults.”
Next quarter, Allergan anticipates revenue to range between $3.5 billion along with $3.6 billion along with adjusted earnings between $3.20 along with $3.40 per share. Street estimates are $3.72 billion along with $3.71 earnings per share, according to Thomson Reuters.
For 2018, the company forecasts revenue between $15 billion along with $15.3 billion. The Street had been anticipating $15.33 billion. in which expects adjusted earnings to range between $15.25 along with $16 per share, compared with analysts’ estimates of $15.50 per share.
Shares of Allergan rose about 3 percent.
(Correction: An earlier edition of This particular story misstated net income inside the latest period.)