Allergan plc (NYSE:AGN) has posted non-GAAP earnings for the first quarter that beat analyst estimates and has raised its guidance modestly for all of 2018.
Allergan reported a first-quarter loss of US$332.5mln, or US$0.99 a share, which was significantly smaller than its loss of US$2.635bn, or US$7.85 a share, in the first quarter of 2017, when the company recognized a loss of US$1.98bn on its holdings in Teva Pharmaceutical Industries Ltd. (NYSE:TEVA). The first quarter of 2018 included impairment charges of $535mln related mostly to a psoriasis product.
On a non-GAAP basis, the pharmaceutical giant reported net income of US$1.31bn, or US$3.74 a share, up 9% from US$1.2bn, or US$3.35 a share, in the first quarter of 2017. Yahoo Finance put the average earnings estimate of 22 analysts at US$3.35 a share.
Revenue at Allergan rose 2.8%, to US$3.67bn from US$3.57bn. Yahoo Finance put the average revenue estimate of 19 analysts at US$3.59bn.
Allergan said sales were up 14.5% for Botox and 11% for Juvederm Collection, but were down 15% from eyecare product Restasis.
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"2018 is off to a strong start for Allergan, with our first-quarter results demonstrating solid execution on all fronts, including the R&D pipeline," Brent Saunders, chairman and CEO, said.
Looking ahead, Allergan raised the range of its non-GAAP earnings guidance for the full year and modestly increased the bottom end of its revenue range for 2018.
Its revenue guidance for 2018 is now in a range of US$15.15bn to US$15.3bn versus the previous range of US$15bn to $US15.3bn.
Allergan now is forecasting non-GAAP net income for 2018 in a range of US$15.65 to US$16.25 a share, up from the previous range of US$15.25 to US$16.00.
Allergan was up about 2.8% in early trading, at US$166 a share.