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Allergan Q2 profit down 4.3%; 2019 revenue guidance raised

Allergan PLC said its non-GAAP performance net income attributable to shareholders for the second quarter came to $4.38 per share, down from $4.42 per share in the year-ago period.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was $4.34.

The Dublin-based drugmaker said non-GAAP performance net income attributable to shareholders totaled $1.44 billion, a decline of 4.3% from $1.51 billion in the year-earlier period.

Net revenue totaled $4.09 billion, compared with $4.12 billion in the year-earlier period, and research and development expenses fell 34.7% year over year to $450.0 million from $689.2 million.

The GAAP net loss attributable to ordinary shareholders totaled $1.76 billion, or a loss of $5.37 per share, compared with a loss of $472.5 million, or a loss of $1.39 per share, in the year-earlier period.

Year-to-date through June 30, the company's non-GAAP performance net income attributable to shareholders totaled $8.17 per share, compared with $8.16 per share in the prior-year period.

Non-GAAP performance net income attributable to shareholders was $2.71 billion, a decrease from $2.81 billion in the prior-year period.

Year-to-date net revenue declined year over year to $7.69 billion from $7.80 billion.

The company said GAAP net loss attributable to ordinary shareholders came to a loss of $4.17 billion, or a loss of $12.63 per share, in the year to June 30, compared with a loss of $805 million, or a loss of $2.39 per share, in the prior-year period.

Guidance

Allergan, which is being acquired by AbbVie Inc. in an $84.2-billion deal, raised its GAAP revenue guidance for 2019. The company said it expects GAAP total net revenues in the range of $15.43 billion to $15.63 billion for the full year, an increase from previous guidance in the range of $15.13 billion to $15.43 billion.

The company expects non-GAAP net income per share at $16.55 for the full year, steady with the previous guidance.

The S&P Global Market Intelligence consensus normalized EPS estimate for the full year is $16.74.