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