The pharmaceutical group Allergan (NYSE:AGN) saw its net loss shrink in the third quarter and raised its earnings projection for the year thanks to robust sales of its wrinkle treatment Botox.
For the three months ended on September 30, the Dublin-based company reported a net loss of $37.9 million, or $0.11 per share, down from a loss of $4.03 billion, or $12.07 per share, when a charge was taken. On an adjusted basis, its per-share earnings came in at $4.25 per share, which exceeded the consensus estimate of $4.04.
Botox was a big seller in the quarter, as its sales rose 13.6% to $879.7 million, which came in ahead of Wall Street’s estimate of $847.4 million.
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Sales of its eye disease therapy Restasis, meanwhile, slumped in the quarter, dropping nearly 19% from last year to $311.6 million.
The company’s total revenue dropped 3% to $3.9 billion from $4.03 billion driven by the “loss of exclusivity on some brands”. But its sales also just came in ahead of Wall Street's estimate of $3.89 billion.
Looking ahead, Allergan now expects to earn $16.20 to $16.60 per share for the full year, an increase from its previous forecast of $16.00 to $16.50 per share. It also raised its revenue guidance to $15.575 billion to $15.725 billion from a previous range of $15.475 billion to $15.625 billion.
Allergan shares were flat in Tuesday’s pre-market session, holding steady at $174.50.
Contact Ellen Kelleher at ellen@proactiveinvestors.como