According to Allergan’s announced third quarter 2016 continuing operations performance, its total net revenues are $3.6 billion—a 4% increase versus the prior year quarter.
The company’s total net revenues of $3.6 billion—a 4% increase versus the prior year quarter—were driven by strong performance from key brands and new product launches, offset by the loss of ASACOL HD exclusivity, lower revenues for NAMENDA XRand IR, a decline in non-promoted Established Brands revenues, and unfavorable foreign exchange impact, states a media release from the company.
“We are focused on finishing 2016 with strong momentum. We are well positioned to leverage our Growth Pharma strategy – deliver strong, durable top-line growth powered by growing franchises; enhance category leadership driven by innovative, high-value treatments; develop new treatments from our Open Science R&D pipeline; enhance our commitment to customer intimacy; and continue to support growth through operational excellence,” says Brent Saunders, Chairman, CEO and President, Allergan, in the release.
The report notes that the company experienced a GAAP continuing operations loss per share of $1.15 and a non-GAAP adjusted diluted net income per share of $3.32. In addition, the company experienced a 7.4% adjusted revenue growth over the prior year quarter, with key promoted brands continuing to grow at double-digit rates. Also, the company announces that it completed a $5 billion share repurchase program ahead of schedule, and will repurchase $10 Billion in accelerated shares and initiate a cash dividend in 2017.
For more information, visit Allergan.
[Source(s): Allergan, PR Newswire]
