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Allergan Q4'17 earnings up 24.6% YOY

Allergan plc said fourth-quarter profit rose 24.6% year over year on a per-share basis.

The pharma giant's non-GAAP performance net income attributable to shareholders was $1.71 billion, or $4.86 per share, up from $1.48 billion, or $3.90 per share, a year earlier.

The S&P Capital IQ normalized EPS consensus estimate for the fourth-quarter was $4.04.

Allergan booked total net revenues of $4.33 billion in the quarter, a 12% increase from $3.86 billion in the year-ago period.

On a GAAP basis, the drugmaker reported net income attributable to ordinary shareholders of $3.05 billion, or $9.21 per share, versus a net loss of $70.2 million, or a loss of 31 cents per share, in the year-ago quarter.

2018 guidance and full-year 2017 results

The company forecasts a full-year 2018 non-GAAP net income per share of $15.25 to $16. On a GAAP basis, the net loss per share is anticipated to be in the range of $2.27 to $1.52.

The S&P Capital IQ normalized EPS consensus estimate for 2018 is $15.42.

For the first quarter of 2018, Allergan is targeting non-GAAP net income per share of $3.20 to $3.40, with a net loss per share of $1.27 to $1.07 on a GAAP basis.

The S&P Capital IQ normalized EPS consensus estimate for the first quarter is $3.71.

For full-year 2017, Allergan's non-GAAP performance net income attributable to shareholders rose to $5.81 billion, or $16.35 per share, from $5.50 billion, or $13.51 per share, in 2016.

The S&P Capital IQ normalized EPS consensus estimate for the year was $16.26.

Total net revenues were up 9.4% year over year to $15.94 billion from $14.57 billion.

On a GAAP basis, Allergan posted a net loss attributable to ordinary shareholders of $4.40 billion, or $11.99 per share, in comparison to the profit of $14.70 billion, or a net loss per share of $3.17, a year earlier.

Allergan recorded a net provisional benefit of approximately $2.8 billion related to U.S. tax reform, including a $730 million provisional expense for the U.S. tax payable on repatriated earnings of non-U.S. subsidiaries, offset by a $3.5 billion net reduction of liabilities.