Dublin, Ireland-based Allergan plc (AGN - Free Report) is engaged in the development, manufacturing, marketing, sale, and distribution of branded pharmaceuticals device, biologic, surgical and regenerative medicine products.

Allergan has been actively pursuing deals to expand its portfolio especially its branded products offering. Having completed the acquisition of companies like Durata and Forest, Allergan acquired Botox maker, Allergan Inc., in Mar 2015. With this acquisition, Allergan, which was previously known for its strong presence in the generics market, finds itself in the company of the top 10 pharmaceutical companies across the world based on sales.

In 2017, through the accretive acquisitions of LifeCell and ZELTIQ, Allergan has expanded its medical aesthetics business into regenerative medicine and body sculpting, respectively.

Allergan sold its generics and Anda distribution business to Teva in Aug and Oct 2016, respectively.

Allergan’s earnings performance has been strong, with the company beating expectations in each of the past four quarters. The average positive earnings surprise over the last four quarters is 1.80%.

Currently, Allergan has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings Beat: Allergan’s first-quarter earnings of $3.74 per share were above our consensus estimate of $3.36 per share.

Revenues Beat: Revenues came in at $3.67 billion which marginally beat the Zacks Consensus Estimate of $3.59 billion. Revenues rose 2.8% from the year-ago period.

2018 Outlook: Allergan raised its sales guidance in the range of approximately $15.15 billion – $15.35 billion compared to previous guided range of $15.0 billion – $15.3 billion.

Meanwhile, the company also raised its adjusted earnings expectations in the range of $15.65 - $16.25 per share from $15.25 - $16.00 per share, expected previously.

Migraine Candidate Data: Allergan also announced results from second of two pivotal phase III studies evaluating its migraine candidate, ubrogepant. The ACHIEVE II study evaluated efficacy, safety and tolerability of orally administered ubrogepant across two doses (25 mg and 50 mg) compared to placebo in a single migraine attack in adults. The study data demonstrated that a “significant greater percentage of patients” treated with ubrogepant, at both the doses (25 mg and 50 mg), were free from pain at 2 hours after the initial dose as compared to those treated with placebo. Also, the 50 mg dose demonstrated a statistically significant greater percentage of ubrogepant patients achieving absence of the “most bothersome migraine-associated symptom” at 2 hours after the initial dose as compared to placebo patients. The company anticipates to submit regulatory applications for ubrogepant to the FDA in 2019.

Share Price Impact: Shares were up more than 3% in pre-market trading.

Check back later for our full write up on this AGN earnings report later!

Allergan plc Price and EPS Surprise

Allergan plc Price and EPS Surprise | Allergan plc Quote