Allergan Reports Sales Gains for Both Fourth Quarter and Fiscal Year 2019

By


DUBLIN—Allergan plc (NYSE: AGN), which is in the midst of being acquired by AbbVie, reported Monday that its full-year 2019 revenue increased 1.9 percent to $16.1 billion, while fourth quarter revenues rose 6.6 percent to $4.35 billion. The company reported non-GAAP operating income of $2.08 billion for the fiscal year, and a GAAP operating loss of $276.6 million in the fourth quarter. In addition, the company noted that it continues to advance key programs within its R&D pipeline, including Bimatoprost SR for glaucoma and Abicipar for wet age-related macular degeneration. Both drugs’ applications are under FDA review.

“I am proud of Allergan's colleagues who achieved many important milestones in 2019 that will make a difference to patients for years to come,” chairman and chief executive officer Brent Saunders said in the announcement. “They achieved FDA approval of Ubrelvy, a first-in-class oral treatment for migraine; two new approvals for Botox for pediatric spasticity; approval for Vraylar for bipolar depression; and filings for two new eyecare drugs—Bimatoprost SR for glaucoma and Abicipar for age-related macular degeneration.

Saunders said the company grew its core business by 7.1 percent in 2019 and by 11 percent in the fourth quarter (excluding exchange rates), “creating strong momentum for 2020 and our proposed combination with AbbVie."

In the U.S. eyecare business segment, net sales of Restasis in the fourth quarter totaled $309.0 million, a decrease of 4.9 percent compared with the year-ago quarter. For Alphagan/Combigan, net revenues in the fourth quarter totaled $94.5 million, a decrease of 3.3 percent. Ozurdex’s net revenues were $31.6 million, an increase of 7.8 percent.

In the announcement, Allergan noted that it expects the close of the pending AbbVie transaction “around the end of the first quarter of 2020, subject to receipt of required regulatory approvals and other closing conditions.”

In January, AbbVie and Allergan received conditional approval from the European Commission for the proposed deal (subject to divestiture of brazikumab IL-23 inhibitor).

The companies entered into a definitive transaction agreement under which AbbVie will acquire Allergan in a cash and stock transaction in late June 2019, as VMAIL reported. The transaction had an equity value of approximately $63 billion at that time.