Allergan’s stock surges after profit, revenue beat expectations
Shares of Allergan PLC surged 3.2% toward in premarket trade Monday, on track to swing to a year-to-date gain, after the drug maker reported first-quarter profit and sales that beat expectations. The company reported a net loss that narrowed to $332.5 million, or 99 cents a share, from $2.63 billion, or $7.86 a share, in the same period a year ago. Excluding non-recurring items, such as research and development impairments, adjusted earnings per share came to $3.74, above the FactSet consensus of $3.36. Revenue rose 2.8% to $3.67 billion, beating the FactSet consensus of $3.60 billion, as better-than-expected international brands revenue helped offset a slight miss in U.S. specialized therapeutics revenue, which includes Botox, and in-line U.S. general medicine revenue. For 2018, the company expects adjusted EPS of $15.25 to $16.00, surrounding the FactSet consensus of $15.67, and expects revenue of $15.0 billion to $15.3 billion, compared with expectations of $15.2 billion. The stock had slipped 0.9% year to date through Friday, while the S&P 500 had eased 0.1%.