DUBLIN—Allergan plc (NYSE: AGN) on Monday reported that its net revenues increased 2.8 percent to $3.67 billion in the first quarter of 2018, while its operating loss from continuing operations improved by almost 28 percent to $654 million in the recent quarter (from $906 million in the year-ago period). In addition, Allergan raised its full-year 2018 net revenue guidance to a range of $15.15 billion to $15.35 billion. Allergan chairman and chief executive officer Brent Saunders said the year is “off to a strong start,” with first quarter results indicating solid execution on all fronts. “Allergan is clearly focused on strong operational performance and disciplined capital allocation,” Saunders said in the announcement.

“Allergan revenues grew 3 percent driven by a 13 percent increase in our core business amid exclusivity challenges for older products, and our tight expense management enabled maintenance of strong margins.”

In its U.S. eyecare business segment Allergan reported that net revenues for Restasis totaled $255.8 million in the first quarter, a decrease of 17.2 percent versus the prior year quarter. Demand growth of 4 percent was offset by trade buying patterns and lower net selling prices, Allergan reported. Sales of Ozurdex increased 13.3 percent from the year-ago quarter to $25.5 million, “driven by continued strong demand,” the company noted.

During a conference call with securities analysts, Allergan executives said the company is “deep into the process” of a strategic review that comes as its stock price has dropped over the past year, according to reports. Saunders outlined five possible tactics Allergan is considering, which includes divesting certain pieces of the businesses, the reports noted.

Among the five strategic options Allergan identified, two of these—share buybacks and/or acquisitions—the executives on the conference call “largely dismissed” or said would only be pursued on a small scale, according to a Bloomberg report. “The other three options—staying the course, selling off assets, or a full break-up—seem to be the principal areas of the review’s focus,” the Bloomberg report noted.

On a worldwide basis, sales of Lumigan/Ganfort in the first quarter were $100.4 million, an increase of 5.5 percent versus the year-ago quarter excluding foreign exchange impact, reflecting growth across all regions, Allergan stated. Ozurdex’s net revenues totaled $64.4 million, an increase of 12.5 percent (excluding foreign exchange impact) versus the year-ago quarter, which reflected continued strong growth in Europe and Asia Pacific/Middle East/Africa.