Allergan Reports Third-Quarter Sales Increase of 3.6 Percent

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DUBLIN—Allergan plc (NYSE: AGN) reported Tuesday that its third-quarter sales rose 3.6 percent to $4.05 billion (on a GAAP basis), and that its non-GAAP operating income fell by almost 8 percent because of the impact divestitures and the loss of patent protection for some products, among other factors. However, Allergan said it was raising its full-year sales guidance (on a GAAP basis) by $200 million to a range of $15.625 billion to $15.825 billion.

Within its eyecare segment, Allergan said U.S. sales of Restasis in the third quarter totaled $286.8 million, a decrease of 3.8 percent versus the year-ago period, while sales of Alphagan/Combigan totaled $90.9 million, a decrease of 4.7 percent versus the prior year quarter. U.S. sales of Ozurdex in the third quarter were $33.7 million, an increase of 17.8 percent.

As VMAIL reported, Allergan shareholders in October overwhelmingly approved the company's acquistion by AbbVie Inc. in a deal valued at roughly $63 billion.

“The third-quarter 2019 results demonstrate our commitment to continued strong operational performance,” chairman and chief executive officer Brent Saunders said in Tuesday's announcement. “The core business has grown and has been bolstered by significant pipeline progress, with three new molecular entities currently under regulatory review.” Saunders cited the success of the products Vraylar, Botox Cosmetic, Juvéderm, Botox Therapeutic, Ozurdex and Lo Loestrin for “continuing to lead the way, with Vraylar growing 70 percent and U.S. Botox Cosmetic growing 10 percent in the third quarter from the prior year.”

Allergan said its GAAP operating loss in the quarter totaled $596.6 million, which compares with GAAP operating income of $257.5 million in the prior year quarter. In addition, non-GAAP operating income in the quarter totaled $1.76 billion, a decrease of 7.7 percent compared with the prior year quarter. The company said the decrease was, in part, impacted by divestitures, products that lost or are at risk of losing exclusivity and an increase in operating expenses.

In terms of pipeline developments, Allergan said the FDA has accepted a Biologics License Application (BLA) for Abicipar pegol, a novel, investigational DARPin therapy, in patients with neovascular (wet) age-related macular degeneration (nAMD). The FDA is expected to take action on the BLA mid-2020, with launch expected to follow.

Allergan said it also expects FDA action in the first half of 2020 on its NDA for Bimatoprost Sustained-Release, a biodegradable implant for the reduction of intraocular pressure in patients with open-angle glaucoma or ocular hypertension. Launch is expected to follow in the first half of 2020.