Botox maker Allergan’s results come in below expectations
Pharmaceutical giant Allergan’s share price tumbled more than two per cent in the US on Monday as its results came in below expectations.
The figures
Ireland-based Allergan reported total net revenues of $3.7bn (£2.8bn) in the second quarter of this year – up two per cent from the previous three months.
But Wall Street had expected turnover to come in at $4.1bn, according to Reuters.
Read more: Teva readies for Allergan deal with bond sale
The company said its net loss attributable to ordinary shareholders totalled $571.3m, or $1.44 per share, for the period.
Allergan’s share price dropped more than two per cent to $248.31 on Monday.
Why it’s interesting
Allergan’s $160bn merger with fellow pharma giant Pfizer collapsed at the beginning of the second quarter.
The deal was a victim of a US government clampdown on so-called tax inversion deals.
Read more: Pfizer-Allergan collapse contributes to record period for cancelled M&A
Allergan chief executive Brent Saunders said at the time: “These rules… [were used] very specifically to target this deal.”
What the company said
Brent Saunders, chief executive and president:
Allergan delivered another quarter of strong operating performance, while taking important steps to advance our evolution as a focused Growth Pharma leader.
Our teams delivered strong revenues powered by robust performance from key brands, including BOTOX®, RESTASIS®, LINZESS®, JUVEDERM® and LO LOESTRIN®. Our R&D teams have delivered thirteen major U.S. and international approvals, including BYVALSON™ and NAMZARIC®, and completed nine major regulatory submissions, including XEN for glaucoma and True Tear for dry eye to the Food and Drug Administration, so far this year.