Allergan PLC (NYSE:AGN) edged lower in early deals this morning after the Botox-maker saw its losses almost double in the second quarter of 2017.
For the three months ended June 30, the pharma group reported a second quarter loss of US$2.35, an 88% increase compared to the same period last year.
That was still slightly better than what analysts had forecast though, with the consensus expectation for a US$2.45 a share loss.
Botox firm again, Restasis weak
Revenues fared slightly better and actually grew by 9% compared to the same quarter of 2016, coming in at US$4bn. Allergan said this increase was largely driven by strong performance in its Botox, Juvederm and CoolSculpting products.
This was offset slightly by lower revenues from various products affected by patent exclusivity as well as the poorly performing Restasis eye drop product, which the company said was impacted by trade buying patterns in the quarter.
Full-year revenue guidance raised
Dublin-based Allergan expects to report a GAAP net loss of between US$10.80 and US$11.20 per share for the year.
It did however up its full-year revenue guidance very slightly to between US$15.85mln and US$16.05mln, up from its previous estimate of between US$15.8mln and US$16mln.
Strong year so far, says boss
"At the midpoint of 2017, Allergan is delivering strong results from excellent execution by our 18,000 colleagues,” said chairman and chief executive Brent Saunders.
“With our strong first half performance and solid outlook for the remainder of the year, we are raising our full-year guidance.
“Revenue growth in the second quarter was powered by significant year-over-year gains from many of our top products, solid contribution from our launch products and successful integrations of LifeCell and ZELTIQ.”
Shares dropped 2% at the opening bell to US$245.18.
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