Navigation Links
Allergan Reports Exceptional Fourth Quarter 2015 Continuing Operations Performance with 74% Increase in Net Revenue to $4.2 Billion and 33% Growth in Non-GAAP Diluted EPS to $3.41
Date:2/22/2016

DUBLIN, Feb. 22, 2016 /PRNewswire/ -- Allergan plc (NYSE: AGN) reported exceptional performance with net revenue from continuing operations increasing 74 percent to $4.2 billion for the quarter ended December 31, 2015, compared to $2.4 billion in the fourth quarter 2014. On a non-GAAP basis, diluted earnings per share from continuing operations increased 33 percent to $3.41 for the fourth quarter 2015, compared to $2.57 in the fourth quarter 2014. On a full year basis, net revenue from continuing operations was up 124 percent compared to 2014 and Non-GAAP EPS from continuing operations increased 78 percent to $13.43. GAAP loss from continuing operations per diluted share for the fourth quarter 2015 was $2.13, compared to GAAP loss from continuing operations per diluted share of $4.48 in the prior year period. GAAP results were impacted by amortization and acquisition-related expenses, including license agreements, impairments, acquisition accounting valuation related expenses and severance associated with acquired businesses, mainly the acquisition of Allergan on March 17, 2015 and Kythera on October 1, 2015 and research and development (R&D) expenses resulting from the acquisition of R&D assets from Mimetogen. These results include Allergan results as of the date of the close of the acquisition, March 17, 2015.

Logo - http://photos.prnewswire.com/prnh/20150612/222796LOGO

As a result of the announced proposed divestiture of Allergan's Global Generics business to Teva on July 27, 2015, the financial results of the Company's Global Generics business are being reported as discontinued operations in the condensed consolidated statements of operations beginning with the third quarter 2015. These portions of the Company's results will continue to be reported as discontinued operations until the close of that transaction. The Global Generics business delivered solid performance during the fourth quarter. Continuing operations includes the U.S. Brands, U.S. Medical, International Brands and Anda Distribution segments. All prior year results have been recast to reflect continuing operations results.

"Allergan delivered another quarter of exceptional performance across each of our businesses. On a proforma basis, our team drove double-digit branded revenue growth powered by continued strong performance from key products in our U.S. Brands, U.S. Medical and International Brands segments. We also continued our focus on the transformation of Allergan into a branded Growth Pharma leader," said Brent Saunders, CEO and President of Allergan. "I would like to thank our 30,000 employees around the world for their dedication and commitment to delivering important medicines to customers and patients globally."

"In the fourth quarter, our R&D team continued to produce robust output from our industry leading pipeline, which delivered nearly 10 percent of all U.S. FDA NME approvals in 2015. We also enhanced our category leadership through the acquisition of Anterios, a licensing agreement with Mimetogen and our research collaboration with Rugen Therapeutics. This progress in our pipeline, matched with our commitment to driving innovation and value through our Open Science model, positions Allergan to address unmet patient needs within our key therapeutic areas."

"We have also made important progress with Teva on the planned divestiture of our Global Generics business.  And in November, Pfizer and Allergan announced the proposed combination of the two companies. This bold step brings together the best strengths of both companies – adding Allergan's leading products across seven therapeutic areas and robust mid-to-late stage R&D pipeline to Pfizer's leading innovative and established businesses, vast worldwide commercial operations and discovery R&D leadership to create a new biopharma leader," added Saunders.

For the fourth quarter 2015, adjusted EBITDA from continuing operations increased 115 percent to $2 billion, compared to $923 million for the fourth quarter 2014. Adjusted EBIT from continuing operations in the fourth quarter 2015 was $1.9 billion. Cash flow from operations for the fourth quarter of 2015 was $1.6 billion and cash and marketable securities were $1.1 billion as of December 31, 2015. Cash from operations in the quarter was impacted by the acquired R&D assets from Mimetogen, integration expenses and divestiture payments.

Operating Expenses
Total non-GAAP SG&A as a percent of non-GAAP revenue for the fourth quarter 2015 was 24.9 percent compared to 23.5 percent in the prior year period. Non-GAAP R&D investment for the fourth quarter 2015 was $338 million. As of December 31, 2015, the Company had outstanding indebtedness of $42.7 billion primarily as a result of the legacy Allergan, Forest and other recent acquisitions.

Amortization and Tax
Amortization expense for the fourth quarter 2015 was $1.6 billion, compared to $753 million in the fourth quarter of 2014. The increase was primarily due to the acquisition of Allergan. 

The Company's non-GAAP continuing operations tax rate was 8.2 percent in the fourth quarter 2015. The Company experienced a benefit to its tax rate as a result of the impact of its entire interest expense being included within continuing operations earnings.

Top Global Branded Product Highlights
The following table represents revenue from Allergan's top promoted products. ALLERGAN PLC NET REVENUES TOP GLOBAL PRODUCTS(Unaudited; in millions)Three Months Ended December 31,GlobalU.S.International20152014$ Change% Change20152014$ Change% Change20152014$ Change% ChangeBotox®

$
55.7
$
-
$
55.7

n.a.$
460.0
$
-
$
460.0

n.a.$
95.7
$
-
$
95.7

n.a.Restasis®

364.6-364.6

 n.a. 348.2-348.2

 n.a. 16.4-16.4

 n.a. Lumigan®/Ganfort®

191.8-191.8

n.a.94.8-94.8

n.a.97.0-97.0

n.a.Namenda XR®

189.5148.940.6

27.3%189.5148.940.6

27.3%---

n.a.Fillers

185.8-185.8

n.a.97.7-97.7

n.a.88.1-88.1

n.a.Bystolic®

169.2154.015.2

9.9%168.7153.515.2

9.9%0.50.5-

0.0%Asacol®/Delzicol®

162.8158.74.1

2.6%145.1139.85.3

3.8%17.718.9(1.2)

(6.3)%Alphagan®/Combigan®

138.8-138.8

n.a.100.1-100.1

n.a.38.7-38.7

n.a.Linzess®/Constella®

131.394.436.9

39.1%129.793.536.2

38.7%1.60.90.7

77.8%Estrace® Cream

96.880.316.5

20.5%96.880.316.5

20.5%---

n.a.Lo Loestrin®

96.375.121.2

28.2%94.874.520.3

27.2%1.50.60.9

150.0%Silicone Implants

84.1-84.1

n.a.47.1-47.1

n.a.37.0-37.0

n.a.Viibryd®/Fetzima®

82.873.98.9

12.0%82.873.98.9

12.0%---

n.a.Minastrin® 24

77.159.517.6

29.6%77.159.517.6

29.6%---

n.a.Carafate ® / Sulcrate®

59.749.210.5

21.3%59.749.210.5

21.3%---

n.a.Aczone®

56.5-56.5

n.a.56.5-56.5

n.a.---

n.a.Namenda® IR

23.4322.7(299.3)

(92.7)%23.4322.7(299.3)

(92.7)%---

n.a.Other Products Revenues

884.3654.8229.5

35.0%687.6596.591.1

15.3%196.758.3138.4

237.4%Total Products Revenues3,650.51,871.51,779.0

95.1%2,959.61,792.31,167.3

65.1%690.979.2611.7

772.3%ANDA Revenues

547.0544.12.9

0.5%547.0544.12.9

0.5%---

n.m.Total Net Revenues$
4,197.5
$
2,415.6
$
,781.9

73.8%$
3,506.6
$
2,336.4
$
,170.2

50.1%$
90.9
$
79.2
$
.7

772.3%


For the fourth quarter 2015, total global branded product revenues were $3.7 billion versus $1.9 billion in the prior year quarter. Top key branded product highlights in the quarter included:

  • Botox® revenues in the fourth quarter of 2015 were $656 million, driven by continued strong performance in both aesthetic and therapeutic indications.
  • Restasis® revenues in the fourth quarter of 2015 were $365 million, driven by continuing strong promotional efforts.
  • Namenda® XR revenues in the fourth quarter of 2015 were $190 million, as prescriptions and formulary coverage remained stable following the loss of exclusivity of Namenda® IR.
  • Fillers' revenues in the fourth quarter of 2015 were $186 million, reflecting continued strong performance.
  • Bystolic® revenues in the fourth quarter 2015 were $169 million, driven by increased promotional efforts.
  • Linzess®/Constella® revenues in the fourth quarter of 2015 were $131 million, driven by strong OTC conversion momentum and enhanced presence in long-term care market.
  • Viibryd®/Fetzima® revenues in the fourth quarter were $83 million, driven by strong prescription growth of Fetzima®.
  • LoLoestrin® revenues in the fourth quarter of 2015 were $96 million, driven by continuing strong demand and promotional efforts.
  • Silicone breast implant revenues in the fourth quarter were $84 million, as a result of increased market share.
  • Fourth Quarter 2015 Business Segment Results

    U.S. BrandsThree Months EndedYears EndedDecember 31,ChangeDecember 31,Change(Unaudited; $ in millions)20152014Dollars%20152014Dollars%Central Nervous System (CNS)

    $
    588.9
    $   578.6$
    .3

    1.8%$2,541.2$1,109.4$1,431.8

    129.1%Eye Care

    618.1-618.1

    n.a.1,831.3-1,831.3

    n.a.Gastroenterology (GI)

    436.9373.863.1

    16.9%1,575.3966.8608.5

    62.9%Women's Health

    281.3224.057.3

    25.6%998.0791.7206.3

    26.1%Cardiovascular

    168.7153.515.2

    9.9%644.8291.6353.2

    121.1%Urology

    68.828.740.1

    139.7%


    238.8


    111.9


    126.9

    113.4%

    Infectious Disease

     

    50.5


    40.010.5

    26.3%


    188.8


    62.7


    126.1

    201.1%

    Other

    251.7393.6(141.9)

    -36.1%1,116.11,177.1(61.0)

    -5.2%Net revenues

    $  2,464.9$ 1,792.2$
    72.7

    37.5%$9,134.3$4,511.2$4,623.1

    102.5%Operating expenses:Cost of sales(1)

    300.9346.6(45.7)

    -13.2%1,131.9736.7395.2

    53.6%Selling and marketing

    423.4338.884.6

    25.0%1,664.6806.4858.2

    106.4%General and administrative

    26.440.6(14.2)

    -35.0%139.6119.520.1

    16.8%Segment contribution

    $  1,714.2$ 1,066.2$
    48.0

    6
    '/>"/>

    SOURCE Allergan plc
    Copyright©2016 PR Newswire.
    All rights reserved


    Related medicine technology :

    1. Independent Baylor University Study Showcases Economic Impact of Allergan on Waco and Central Texas Economies
    2. Allergans Rapastinel Receives FDA Breakthrough Therapy Designation for Adjunctive Treatment of Major Depressive Disorder (MDD)
    3. Allergan Announces Collaboration with AstraZeneca to Develop and Commercialize ATM-AVI (aztreonam and avibactam) for Antibiotic-Resistant Gram-Negative Infections
    4. Allergan to Report Fourth Quarter and Full-Year 2015 Earnings and Host Conference Call and Webcast
    5. Allergan and Pfizer to Present at 34th Annual J.P. Morgan Healthcare Conference
    6. Global Antibacterial Drugs Market 2015-2019 - Key Vendors are Allergan, GlaxoSmithKline, Merck, Novartis, Pfizer & Teva Pharmaceuticals
    7. Allergan and Gedeon Richter Plc. to Present Data on VRAYLAR (cariprazine) at the American College of Neuropsychopharmacology (ACNP) Annual Meeting
    8. Global Acne Drugs Market 2016-2020 - Key Vendors are Allergan, Galderma, Stiefel & Valeant
    9. Allergan Reaches Settlement with New York Attorney Generals Office in Memantine Immediate Release Litigation
    10. Allergan and Rugen Therapeutics Announce Collaboration to Discover and Develop Ground-Breaking Medicines to Treat Autism Spectrum Disorders and Obsessive-Compulsive Disorders
    11. Allergan Partners with CDC to Spread the Word about Antibiotic Stewardship During "Get Smart About Antibiotics Week"
    Post Your Comments:
    *Name:
    *Comment:
    *Email:
    (Date:4/7/2020)... BOCA RATON, Fla. (PRWEB) , ... April 07, 2020 , ... ... & Emergent Care , The Coronavirus pandemic means health care providers are adopting radical ... Eye Center has ceased all procedures except those of an urgent or emergency nature. ...
    (Date:4/5/2020)... ... April 04, 2020 , ... ... launches the “Cheer Call!” initiative, tasking ambassadors, support group leaders, board members and ... or caring for someone with a movement disorder can be so isolating and ...
    (Date:4/5/2020)... ... April 04, 2020 , ... As the world scrambles to ... diagnostics, and treatments. Shortages of such supplies are plaguing hospitals and care-givers, putting ... & Associates supports the fight against COVID-19 and encourages every-day citizens to apply ...
    Breaking Medicine Technology:
    (Date:4/5/2020)... LOS ANGELES (PRWEB) , ... April 05, 2020 , ... ... and start looking for better prices for essential services. Insurance expenses can rise to ... of the vehicle, driving experience and history, coverage limits, annual mileage and so on. ...
    (Date:4/2/2020)... ... April 02, 2020 , ... Since the onset of the COVID-19 pandemic, ... practices. GoParrot ( https://www.goparrot.ai/ ) founder Yaniv Nissim has stepped up to the ... and food safety, has created new standards for delivering food during this time of ...
    (Date:4/1/2020)... , ... April 01, 2020 , ... According to data ... of reproductive age (13-44) in need of publicly funded contraception live in counties impacted ... one-quarter of Minnesota’s counties have lost some or all of their Title X resources. ...
    (Date:4/1/2020)... ... 01, 2020 , ... “Medical information is considered to be ... Grover LLP attorney Eric A. Grover. “For that reason, healthcare providers are ... and disclosure of medical information can, under certain circumstances, give rise to claims ...
    (Date:3/28/2020)... ... March 27, 2020 , ... With social distancing, ... grow by the day, people of all ages are challenged to find different ... social interactions in the best of times—the physical distance mandated to prevent the ...
    Breaking Medicine News(10 mins):