Allergan (NYSE: AGN) shares ticked up today after the company reported 4th-quarter and full-year earnings – and a 2017 sales forecast – that beat expectations on Wall Street.
The drugmaker narrowed its losses by 90% to -$70.2 million, or -20¢ per share, on sales growth of 7.1% to $3.86 billion for the 3 months ended Dec. 31, compared with Q4 2015. Adjusted to exclude 1-time items, earnings per share were $3.90, a full 14¢ ahead of The Street, where analysts were looking for sales of $3.77 billion.
Full-year profits were $14.7 billion, or $38.18 per share, on sales of $14.57 billion; adjusted EPS came in at $13.51, 12¢ ahead of the consensus, which called for sales of $14.49 billion.
“2016 was a year of transformation for Allergan. We are now a branded biopharmaceutical leader, focused on delivering sustainable revenue growth, advancing our pipeline, maintaining industry leading margins and allocating capital to maximize shareholder return. In the 4th quarter of 2016, we delivered against these priorities. Our top global products and new launches powered revenue growth, including, but not limited to, Botox, Restasis, Ozurdex, fillers, Linzess, Vraylar, Viberzi, Ktbella and Lo Loestrin. Our R&D team continued to advance key programs and deliver FDA approvals for new products that change lives. And we made fast progress in our capital deployment program, enhancing short- and long-term value for our shareholders,” chairman & CEO Brent Saunders said in prepared remarks.
“2017 is a pivotal year for Allergan and we are well-positioned to deliver growth through excellent execution. We have growing products and franchises, with 9 product launches planned in 2017. Our open science pipeline is advancing innovative, high-value treatments for patients, including our 6 ‘stars’ entering or currently in Phase III development. And our operational excellence and capital deployment initiatives will support our continued growth and enhance shareholder value,” Saunders said. “I thank our 16,000 global colleagues who continue to be bold. They are delivering new ideas that allow us to build strong bridges with customers, act fast, and drive results for Allergan. And they are focused on advancing innovative new treatments across our therapeutic areas that can make a profound impact on global health and patient care.”
Allergan said it expects to report adjusted EPS of $15.80 to $16.30 on sales of $15.50 billion to $15.80 billion this year; the consensus view was $16.01 on $15.37 billion.
AGN shares rose 2.0% to $237.34 apiece today in early trading today.