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Allergan beats, ups outlook

August 3, 2017

Allergan PLC AGN, +0.13% reported second-quarter profit and revenue beats early Thursday. The company said it had a loss of $795.5 million, or a loss of $2.37 per share, wider than a loss of $571.3 million, or a loss of $1.44 per share in the year-earlier period. Adjusted earnings-per-share were $4.02, compared with the FactSet consensus of $3.92. Revenue rose to $4.01 billion From $3.68 billion, above the FactSet consensus of $3.95 billion. Allergan attributed revenue growth to its Botox product, which brought in $816 million in sales, above the FactSet consensus of $691 million. Revenue growth was also driven by its Juvederm fillers, new Alloderm breast reconstruction products and CoolSculpting fat-reduction product and other new products, Allergan said. These revenue increases were partly offset by lower revenues due to losing patent exclusivity on its Asacol HD and Minastrin, continued decline in dementia medication Namenda XR and lower revenues from the immunosuppressive drug Restasis, the company said. Allergan also raised its 2017 financial guidance. The company now expects 2017 revenue of $15.85 billion to $16.05 billion, above previous guidance of $15.8 billion to $16 billion. Allergan also raised its 2017 adjusted EPS guidance to between $16.05 and $16.45 from previous guidance of between $15.85 and $16.35. Allergan shares declined 0.5% in premarket trade. Shares have risen 2.6% over the last three months, compared with a 3.8% rise in the S&P 500 SPX, -0.19%

http://on.mktw.net/2v3tEtu

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