California News Reporter

Allergan earnings top Wall Street forecasts

Allergan earnings top Wall Street forecasts

Shares of Allergan (AGN), the pending merger partner of U.S. pharmaceutical giant Pfizer, rose Monday after the Ireland-based company reported fourth-quarter earnings that topped Wall Street forecasts. The company’s stock closed 3.65% higher at $285.82. Net revenues from Allergan’s U.S. brands, including Botox, the cosmetic drug used to smooth facial wrinkles, helped drive the financial results. U.S. revenue rose 37.5% to nearly $2.5 billion for the three-month period that ended Dec. 31, the company reported.1405960239000-AP-Valeant-Allergan

Allergan said the company’s overall net loss narrowed to $700.5 million, or $1.78 a share, compared with the $732.9 million loss, or $3.34 a share, reported for the same period last year. Excluding special items, Allergan reported diluted earnings per share of $3.41 for the quarter, higher than the $3.32 consensus forecast of financial analysts surveyed by S&P Global Market Intelligence. Net revenue increased 74% to $4.2 billion, topping the nearly $4.18 billion consensus estimate of S&P Global Market Intelligence.

Allergan said the company’s financial results were impacted by amortization and acquisition-related expenses, including the $66 billion merger last year with Actavis. In November, Allergan and Pfizer announced plans for a record $160 billion merger, the largest in health-care industry history and the biggest to date involving a controversial tax-saving strategy. If completed, the chiefly-stock transaction would create a combined firm that would retain Allergan’s legal and tax residency in Ireland, which has lower corporate taxes than the U.S.

The Pfizer merger deal would “create a new biopharma leader,” Allergan CEO and President Brent Saunders said in a statement issued with the earnings results. Saunders also said the company had made progress of the planned $40.5 billion sale of its global generics business to Israeli-U.S. multinational Teva Pharmaceutical Industries.

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