DUBLIN, Ireland—Allergan plc (NYSE: AGN) reported total net revenues of $3.7 billion for the second quarter ended June 30, 2016, a 2 percent increase versus the prior year quarter. The company said its performance was impacted by the loss of exclusivity on Namenda IR, but was offset by strong performance in key brands and new product launches.

"Allergan delivered another quarter of strong operating performance, while taking important steps to advance our evolution as a focused growth pharma leader," said Brent Saunders, CEO and president, Allergan. "Our teams delivered strong revenues powered by robust performance from key brands, including Botox, Retasis, Linzess, Juvederm and Lo Loestrin. Our R&D teams have delivered 13 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.”

Allergan said its GAAP operating loss from continuing operations in the second quarter 2016 was $488 million. Non-GAAP operating income from continuing operations in the second quarter 2016 was $1.86 billion. For the second quarter 2016, adjusted EBITDA from continuing operations was $1.94 billion, compared to $2.08 billion for the second quarter 2015. Cash flow from operations for the second quarter of 2016 was $1.4 billion, the company said.

U.S. Specialized Therapeutics net revenues grew 11 percent driven by strong growth in eyecare, facial aesthetics and neuroscience. In the eyecare segment, Allergan reported that net revenues for its Restasis dry eye drug in the second quarter of 2016 were $371.3 million, driven by continued strong promotional efforts.

As of June 30, 2016, Allergan had cash and marketable securities of $507 million and outstanding indebtedness of $39.6 billion.

In other news, the board of the New Jersey Economic Development Authority (EDA) yesterday approved tax credits of up to $58 million for Allergan to consolidate its New Jersey-based operations and create a new U.S. headquarters in Madison, N.J. by the end of 2017. Allergan will combine four existing company locations into a 431,495-square-foot facility in Madison that was formerly served as headquarters for another pharma company, Wyeth.

The tax credits, which will be applied over 10 years, are based on the expected creation of 300 new, high-paying jobs, the retention of more than 1,000 jobs at risk of leaving the State for Pennsylvania and private investment of more than $103 million.