Botox maker Allergan's results come in below expectations

 
William Turvill
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Botox maker Allergan's $162bn merger with Pfizer collapsed in April (Source: Getty)

Pharmaceutical giant Allergan’s share price tumbled more than two per cent in the US on Monday as its results came in below expectations.

The figures

Ireland-based Allergan reported total net revenues of $3.7bn (£2.8bn) in the second quarter of this year - up two per cent from the previous three months.

But Wall Street had expected turnover to come in at $4.1bn, according to Reuters.

Read more: Teva readies for Allergan deal with bond sale

The company said its net loss attributable to ordinary shareholders totalled $571.3m, or $1.44 per share, for the period.

Allergan’s share price dropped more than two per cent to $248.31 on Monday.

Why it’s interesting

Allergan’s $160bn merger with fellow pharma giant Pfizer collapsed at the beginning of the second quarter.

The deal was a victim of a US government clampdown on so-called tax inversion deals.

Read more: Pfizer-Allergan collapse contributes to record period for cancelled M&A

Allergan chief executive Brent Saunders said at the time: “These rules... [were used] very specifically to target this deal.”

What the company said

Brent Saunders, chief executive and president:

Allergan delivered another quarter of strong operating performance, while taking important steps to advance our evolution as a focused Growth Pharma leader.

Our teams delivered strong revenues powered by robust performance from key brands, including BOTOX®, RESTASIS®, LINZESS®, JUVEDERM® and LO LOESTRIN®. Our R&D teams have delivered thirteen major U.S. and international approvals, including BYVALSON™ and NAMZARIC®, and completed nine major regulatory submissions, including XEN for glaucoma and True Tear for dry eye to the Food and Drug Administration, so far this year.

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