Dublin, Ireland-based Allergan plc is engaged in the development, manufacturing, marketing, sale and distribution of branded, biosimilar and over-the-counter pharmaceutical products.
Allergan has been actively pursuing deals to expand its portfolio especially its branded products offering. Having completed the acquisition of companies like Durata and Forest, Allergan acquired Botox maker, Allergan Inc., in Mar 2015. With this acquisition, Allergan, which was previously known for its strong presence in the generics market, finds itself in the company of the top 10 pharmaceutical companies across the world based on sales.
Allergan sold its generics and Anda distribution business to Teva in Aug and Oct 2016, respectively. Both these business lines were treated as discontinued operations.
AGN has a pretty good earnings track record with the company delivering positive earnings surprises in each of the last four quarters with an average surprise of 11.16%.
Currently, Allergan has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings Miss: Allergan’s third-quarter earnings of $3.32 per share were below our consensus estimate of $3.57 per share.
Revenues Fall Short: Revenues also missed expectations. Revenues came in at $3.62 billion, up 4.4% from the year-ago period, falling short of the Zacks Consensus Estimate of $3.70 billion.
Expands Buyback Plan and Initiates Dividend: Allergan announced that board has expanded the share repurchase authorization to $15 billion, including a $10 billion accelerated share repurchase (ASR) program. The company also announced that it is initiating a quarterly dividend.
Lowers 2016 Outlook: Allergan lowered its revenue and earnings guidance. Allergan expects total net revenues in the range of $14.45 billion to $14.65 billion. Previously, Allergan had anticipated total net revenues in the range of $14.65 billion to $14.90 billion. Allergan expects earnings in the range of $13.30 - $13.50 compared to $13.75 to $14.20 per share previously.
Share Price Movement: Shares rose in pre-market trading.
Check back later for our full write up on this AGN earnings report later!
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Allergan (AGN) Misses Q3 Earnings & Sales; Ups Buyback Plan
Dublin, Ireland-based Allergan plc is engaged in the development, manufacturing, marketing, sale and distribution of branded, biosimilar and over-the-counter pharmaceutical products.
Allergan has been actively pursuing deals to expand its portfolio especially its branded products offering. Having completed the acquisition of companies like Durata and Forest, Allergan acquired Botox maker, Allergan Inc., in Mar 2015. With this acquisition, Allergan, which was previously known for its strong presence in the generics market, finds itself in the company of the top 10 pharmaceutical companies across the world based on sales.
Allergan sold its generics and Anda distribution business to Teva in Aug and Oct 2016, respectively. Both these business lines were treated as discontinued operations.
AGN has a pretty good earnings track record with the company delivering positive earnings surprises in each of the last four quarters with an average surprise of 11.16%.
ALLERGAN PLC Price and EPS Surprise
ALLERGAN PLC Price and EPS Surprise | ALLERGAN PLC Quote
Currently, Allergan has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Earnings Miss: Allergan’s third-quarter earnings of $3.32 per share were below our consensus estimate of $3.57 per share.
Revenues Fall Short: Revenues also missed expectations. Revenues came in at $3.62 billion, up 4.4% from the year-ago period, falling short of the Zacks Consensus Estimate of $3.70 billion.
Expands Buyback Plan and Initiates Dividend: Allergan announced that board has expanded the share repurchase authorization to $15 billion, including a $10 billion accelerated share repurchase (ASR) program. The company also announced that it is initiating a quarterly dividend.
Lowers 2016 Outlook: Allergan lowered its revenue and earnings guidance. Allergan expects total net revenues in the range of $14.45 billion to $14.65 billion. Previously, Allergan had anticipated total net revenues in the range of $14.65 billion to $14.90 billion. Allergan expects earnings in the range of $13.30 - $13.50 compared to $13.75 to $14.20 per share previously.
Share Price Movement: Shares rose in pre-market trading.
Check back later for our full write up on this AGN earnings report later!
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>