Allergan Sees 10% Rise in Branded Revenue
September 28 2015 - 6:10PM
Dow Jones News
Allergan PLC updated its financial projections for the second
half of the year and said it expects its branded revenue to
increase 10% following the sale of its generics unit to Teva
Pharmaceutical Industries Ltd.
Dublin-based Allergan in its current form became one of the
top-10 drug companies by sales when Actavis bought Allergan, the
maker of wrinkle treatment Botox, for nearly $70 billion. Three
months later, Actavis changed its name to Allergan.
In July, Allergan agreed to sell its generics unit to Teva for
$40.5 billion, a move it said would allow it to sharpen its focus
on its branded pharmaceutical business.
On Monday, Allergan projected profit for the second half of the
year between $6.25 and $6.65 a share, excluding certain items, on
more than $8 billion in revenue.
In May, before the deal to sell the generics unit to Teva, the
company had projected adjusted earnings for the full year of $17 to
$18.50 a share on $20.5 billion to $21 billion in revenue.
Shares of the company, which were hit hard during the regular
trading Monday along with other biotech stocks, were up 0.4% after
hours to $256.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 28, 2015 17:55 ET (21:55 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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