Allergan Reports ‘Solid Finish to 2017’ as Fourth-Quarter Net Sales Rise 12 Percent

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DUBLIN—Allergan plc (NYSE: AGN) reported on Tuesday that its fourth-quarter net revenues totaled $4.33 billion, a 12 percent increase compared with the year-ago total, driven, in part, by the performance of Botox Cosmetic, Botox Therapeutic and, among other products, Juvederm Collection. The increase was partially offset by lower revenues from products losing patent exclusivity, Allergan noted in its earnings announcement. For the full year 2017, Allergan reported net revenue of $15.94 billion, a 9.4 percent increase compared with the prior year.

The increase was driven by “continued strong growth across key therapeutic areas and key products, and the addition of regenerative medicine products and CoolSculpting,” the announcement noted. “2017 was a pivotal year for Allergan and we delivered solid results,” Allergan chairman and chief executive officer Brent Saunders said in the statement. “We powered strong revenue growth of our top products and in each of our regions. We acquired, integrated and grew two new businesses and continued to advance our R&D pipeline. Allergan also continued to execute our capital deployment plan by completing a $15 billion share repurchase program, instituting a dividend and paying down debt in 2017,” he added.

Within its eyecare business segment, Allergan reported that fourth-quarter sales of Restasis increased 1.8 percent to $400.3 million. The company’s glaucoma franchise “experienced a modest decline,” with Alphagan/Combigan net revenues holding stable at $101.8 million and Lumigan/Ganfort revenues falling 5.9 percent to $80.9 million, primarily impacted by lower volume.

Sales of Ozurdex, a treatment for adults with diabetic macular edema, increased 16.8 percent to $26.4 million in the fourth quarter, driven by continued strong demand, according to the Allergan announcement.

Overall, Allergan said the overall eyecare business segment achieved sales of $671.7 million in the fourth quarter, an increase of about 1.8 percent compared with the year-ago total of $660.1 million.

In addition, Allergan reported that its non-GAAP adjusted operating income from continuing operations totaled $2.17 billion in the fourth quarter, an increase of 16.4 percent versus the year-ago period. Cash flow from operations for the fourth quarter increased to approximately $2.05 billion, the company reported.