Allergan upgraded to buy from neutral at UBS

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Allergan’s stock gains after adjusted profit, revenue beat expectations

Shares of Allergan PLC rose 0.5% in premarket trading Tuesday, after the drugmaker reported third-quarter earnings that beat expectations. The company reported a net loss of $786.8 million, or $2.40 a share, after a loss of $37.9 million, or 11 cents a share, in the year-earlier period. The results include a pre-tax charge of $750 million for its settlement of an antitrust lawsuit for Namenda, its treatment for symptoms of Alzheimer’s disease. Adjusted earnings per share were $4.25, above the FactSet consensus of $4.23. Revenue rose 3.6% to $4.05 billion, beating the FactSet consensus of $3.89 billion. Allergan reaffirmed guidance for 2019. Allergan said during the quarter, its shareholders have voted to move forward with a proposed acquisition by AbbVie although the U.S. Federal Trade Commission has requested additional information about the deal. The stock has run up 34% year to date through Monday, while the S&P 500 has gained 23%.

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