BUSINESS: Financial Allergan Reports Strong Q1 Performance By Staff Wednesday, May 11, 2016 12:20 AM DUBLIN—Allergan plc (NYSE: AGN) reported strong performance with net revenue from continuing operations increasing 48 percent to $3.8 billion for the quarter ended March 31, 2016, compared to $2.6 billion in the first quarter 2015.For the first quarter 2016, adjusted EBITDA from continuing operations increased 65 percent to $1.8 billion, compared to $1.1 billion for the first quarter 2015. Cash flow from operations for the first quarter of 2016 was $1.2 billion and cash and marketable securities were $2.3 billion as of March 31, 2016. Cash from operations in the quarter was impacted by the acquired R&D assets from Anterios and integration expenses, the company said."Allergan once again delivered strong performance in the first quarter of 2016, powered by double-digit pro forma branded revenue growth and our top global products within the U.S. Brands, U.S. Medical and International Brands segments, said Brent Saunders, CEO and president of Allergan.For the first quarter 2016, total global branded product revenues were $3.4 billion versus $2.0 billion in the prior year quarter. "Our branded business continues to grow at a fast pace and is very well positioned in each of our seven therapeutic areas. As we look ahead, we see durable global brands with strong fundamentals, broad-based geographic expansion, and many opportunities to continue growing our innovative business," added Saunders.U.S. Brands net revenue of $2.3 billion for the first quarter 2016 represents a 27 percent increase over $1.8 billion in the first quarter of 2015. Growth was mainly attributed to the acquisition of legacy Allergan products, including Botox and Restasis, as well as new product launches Avycaz, Dalvance and Liletta.Allergan’s U.S. eyecare brands generated $533 million in revenue during the first quarter of 2016. Allergan also announced that the company's board of directors has authorized a new share repurchase program of up to $10 billion of the company's common stock. Allergan expects to execute $4 billion to $5 billion in open market repurchases over four to six months subject to favorable market conditions. If favorable market conditions persist, the company will consider extending the program following completion of the initial portion of the share repurchase program.The share repurchase program is pending the completion of and receipt of proceeds from the divestiture of Allergan's Global Generics business to Teva, expected to close by the end of June 2016.