Allergan's fourth-quarter sales lift 12 percent, ahead of estimates

Allergan said Tuesday that fourth-quarter sales rose 12 percent year-over-year to $4.3 billion, coming in slightly ahead of analyst estimates, with revenue from Botox climbing 16.9 percent to $864.3 million. Profit in the three-month period reached $3.1 billion, up from a loss of $70.2 million in the prior-year quarter. 

Regarding other products, quarterly sales of Restasis rose by 1.8 percent to $400.3 million year-over-year, while revenue from Juvederm jumped 23.7 percent to $294.2 million. Additionally, sales of Namenda XR fell 30.7 percent to $97.8 million, with revenue from Aczone declining 37.9 percent to $38 million. 

CEO Brent Saunders said "2017 was a pivotal year for Allergan and we delivered solid results," adding "we powered strong revenue growth of our top products and in each of our regions." In the full year, sales increased 9.4 percent to $15.9 billion, while the company recorded an annual loss of $4.4 billion, versus a profit of $14.7 billion in 2016. 

For the current year, Allergan expects sales of between $15 billion and $15.3 billion, with earnings per share in the range of $15.25 to $16.00. Analysts predict annual sales of around $15.3 billion, on earnings of $15.50 per share. 

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Last month, Allergan unveiled plans to reduce its workforce by more than 1000 jobs, as well as eliminate approximately 400 unfilled positions as part of a global restructuring. The decision came after a US judge invalidated four patents covering Restasis. 

Earlier this week, Allergan disclosed that Catalent chief financial officer Matthew Walsh will join the drugmaker in the same capacity later this month, after announcing in September that current CFO Tessa Hilado was planning to step down once a successor was identified.

Separately on Tuesday, Allergan announced that a Phase III study of ubrogepant met its co-primary endpoints, with both doses of the experimental oral CGRP receptor antagonist showing significant improvements versus placebo for the treatment of a single migraine attack. The drugmaker further noted that results of a second Phase III trial are expected in the first half of this year, with a marketing application to the FDA anticipated to be filed in 2019.

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