Industry & Business

Allergan reports rise in quarterly revenues

 Breaking News
  • MSD Announces New Manufacturing Facility and 170 New Jobs For Carlow MSD, known as Merck in the US and Canada, has announced that it will construct a second manufacturing facility at its existing site in Carlow with the creation of 170 new jobs. The new facility will focus on the production of vaccines and biologics and is scheduled to commence manufacturing operations in 2023. The build will include an [...]...
  • €100 Million Investment For Four Capital Developments at Trinity College Dublin Teaching, research and student accommodation at Trinity College Dublin will be transformed over the next two years with the backing of a €100 million long-term European Investment Bank (EIB) loan for four capital developments across the campus. This will include the flagship E3-Engineering, Environment and Emerging Technologies initiative at Trinity. Central to the vision of E3 [...]...
  • SSE Airtricity and Verde LED Light the Way to Energy Savings in New Partnership SSE Airtricity, Ireland’s leading provider of 100% green energy, has announced a new exclusive partnership with Verde LED to provide LED lighting upgrades and energy-efficiency improvements to businesses across Ireland. Verde LED, founded in 2010, specialises in lighting design for new and existing facilities, with a dedicated research and development (R&D) department to ensure product [...]...
  • AMI One of Only Four IT Disposal Companies Globally to Achieve Highest Industry Mark AMI, Ireland’s leading secure IT disposal company, has announced that it is the only company in Ireland to achieve an ADISA membership, and one of only four companies globally to attain the highest award, a Distinction with Honours. Both AMI’s Belfast and Dublin sites achieved the certification, making it the most secure IT disposal company on [...]...
  • Greencore to Divest US Business in $1 Billion Deal Greencore Group, the Irish and UK convenience food business, has agreed to sell its entire US business to an affiliate of Hearthside Food Solutions for US$1.075 billion (£817 million) on a cash and debt-free basis. Hearthside is a major US contract food manufacturer with a heritage in US food industry outsourcing. The disposal will leave [...]...

Allergan reports rise in quarterly revenues

May 10
16:09 2016

downloadAllergan, today reported a 48% rise in quarterly profit, led by strong sales of Botox and Restasis.

The Irish based company whose $160 billion merger with Pfizer fell apart last month,reported a better than expected quarterly profit.

Allergan was known as Actavis until it bought Botox-maker Allergan last year and took on its name.

It also said today that its board had authorised a new share buyback programme of up to $10 billion.

The buyback follows Allergan’s agreement to sell its generic drug business to Teva Pharmaceutical Industries Ltd for $40.5 billion. That deal is expected to close in June. The company’s shares were up slightly in premarket trading.

Allergan’s chief executive Brent Saunders said the close of the Teva deal would also allow Allergan to pay down debt, helping it maintain its investment rating, while preserving “significant firepower” to invest for growth.

Up to Monday’s close of $213.71, Allergan’s shares had fallen about 23 per cent since Pfizer scrapped the merger, which would have been the biggest-ever in the pharmaceutical sector. The deal collapsed after the US Treasury issued new rules curbing tax inversions, under which American companies move their domicile overseas to cut taxes.

Allegan said revenue in its US brands business, which includes Botox and Restasis, rose 27.3 per cent to $2.30 billion in the first quarter ended March 31. The unit accounts for about 60 per cent of the company’s total revenue.

Allergan reported net income attributable to ordinary shareholders of $186.1 million, or 47 cents per share, compared with a loss of $535.2 million, or $1.85 per share, a year earlier. Excluding items, the company earned $3.04 per share, slightly above the average analysts’ estimate of $3.01, according to Thomson Reuters I/B/E/S. Total revenue rose 48 per cent to about $3.80 billion, short of the average estimate of $3.95 billion.

Source: Reuters

About Author

admin

admin

Related Articles

New Subscriber





Subscribe Here



Advertisements



















National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4