• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Drug Delivery Business

  • Clinical Trials
  • Research & Development
  • Drug-Device Combinations
  • FDA
  • Pharmaceuticals
  • Policy

Allergan talks taxes and competition in 2018 outlook

January 9, 2018 By Sarah Faulkner

AllerganAllergan (NYSE:AGN) had a busy, and occasionally fraught, 2017.

After the company inked a controversial deal with a Native American tribe to shield its Restasis patents from review, a federal judge in Texas invalidated the IP, helping to clear the way for generics. And just last week, Allergan announced that it would slash 1,400 jobs in an effort to cut costs.

But looking ahead to the new year, chairman and chief executive Brent Saunders seems optimistic.

“While we face loss of exclusivity revenue headwinds in 2018, Allergan is in a solid position to unlock value in the near- and long-term,” he said in prepared remarks. “Our confidence is driven by the durable growth prospects for our businesses, the efforts we are taking to right-size the organization, our therapeutic area leadership, deep and high-potential pipeline and strong cash flows and balance sheet.”

The company expects to take a $125 million hit linked to the job cuts, which will be noted in the fourth quarter of 2017.

Allergan said it doesn’t think it will see a generic version of Restasis before the second quarter of this year. But its dry-eye disease drug is not the only product that’s dealing with the threat of competition. A generic for Allergan’s Estrace is already on the market and the company also expects to see a generic cleared in the early part of the first quarter for its Namenda XR product.

Despite the incoming competition, Allergan anticipates posting $15.0 – $15.3 billion in total net revenue for the full-year of 2018. The company is slated to give additional details in regards to its financial outlook as part of its fourth quarter and FY2017 earnings report on Feb. 6.

In its preliminary report, the company also referenced the Tax Cut and Jobs Act that was recently passed into law by President Donald Trump. Allergan said it expects the future impact of the law to be “broadly neutral” to the company’s non-GAAP effective tax rate over time, “with a moderate increase for 2018 as compared to full year 2017.”

Want to stay on top of DDBN content? Sign up for our e-mail newsletter for a weekly dose of drug-device news.

Filed Under: Featured, MassDevice Earnings Roundup, Optical/Ophthalmic, Pharmaceuticals, Wall Street Beat Tagged With: Allergan

IN CASE YOU MISSED IT

  • Shareholder lawsuit over BD’s Alaris pumps recall moves forward
  • Embecta stock soars on first full-quarter results after BD spinoff
  • Abbott will spend $450M to up FreeStyle Libre production in Ireland
  • Better Therapeutics Q2 beats Street as it prepares to submit diabetes therapy for FDA review
  • Study backs Fluidx embolic device for vessel filling

Primary Sidebar

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Need Drug Delivery Business News in a minute? We Deliver!
Drug Delivery Enewsletters get you caught up on all the mission critical news you need in med tech. Sign up today.

Signup for the newsletter

Footer

Drug Delivery Business News Logo

MassDevice Medical NETWORK

MassDevice
DeviceTalks
Medical Tubing & Extrusion
Medical Design & Outsourcing
MedTech100 Index
Drug Discovery & Development
Pharmaceutical Processing World
Medical Design Sourcing
R&D World

DRUG DELIVERY BUSINESS NEWS

Subscribe to Drug Delivery’s E-Newsletter
Advertise with us
About
Contact us
Privacy
Listen to our Weekly Podcasts
Add us on FacebookFollow us on TwitterConnect with us on LinkedIn

Copyright © 2022 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Advertise | Privacy Policy | RSS