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Category: Stock Market and Allergan
Date: 11 February 2020 Stock Price: $199.65 We take a look at the 4th quarter earnings report of their 2019 fiscal year of Allergan, global pharmaceutical company focused on developing, manufacturing and commercializing branded pharmaceuticals and related products for patients around the world
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About Allergan
Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a global pharmaceutical leader focused on developing, manufacturing and commercializing branded pharmaceutical, device, biologic, surgical and regenerative medicine products for patients around the world. Allergan markets a portfolio of leading brands and best-in-class products primarily focused on four key therapeutic areas including medical aesthetics, eye care, central nervous system and gastroenterology. As part of its approach to delivering innovation for better patient care, Allergan has built one of the broadest pharmaceutical and device research and development pipelines in the industry.
With colleagues and commercial operations located in approximately 100 countries, Allergan is committed to working with physicians, healthcare providers and patients to deliver innovative and meaningful treatments that help people around the world live longer, healthier lives every day.
With colleagues and commercial operations located in approximately 100 countries, Allergan is committed to working with physicians, healthcare providers and patients to deliver innovative and meaningful treatments that help people around the world live longer, healthier lives every day.
Overview of Allergan's 4th quarter 2019 earnings report
Due to the fact that Allergan is being bought out by AbbVie we will not be covering the group's 4th quarter 2019 earnings report in detail as the group expects their takeover to be completed before the end of their 1st quarter 2020 fiscal year. We will rather focus on management's commentary on their 4th quarter results and the expected implementation date of the takeover by AbbVie
Allergan (NYSE:AGN) management commentary on their 4th quarter 2019 earnings
DUBLIN, Feb. 10, 2020 /PRNewswire/ -- Allergan plc (NYSE: AGN) today reported its full-year and fourth quarter 2019 financial results including full-year 2019 GAAP net revenues of $16.1 billion, a 1.9 percent increase from 2018. Fourth quarter 2019 GAAP net revenues were $4.35 billion, a 6.6 percent increase from the prior year quarter.
"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. 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 eye care drugs - Bimatoprost SR for glaucoma and Abicipar for Age-related Macular Degeneration," said Brent Saunders , Chairman and CEO of Allergan. "Our colleagues also grew our core business1 by 7.1 percent in 2019 and by 11.0 percent in the fourth quarter (excluding exchange), creating strong momentum for 2020 and our proposed combination with AbbVie."
"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. 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 eye care drugs - Bimatoprost SR for glaucoma and Abicipar for Age-related Macular Degeneration," said Brent Saunders , Chairman and CEO of Allergan. "Our colleagues also grew our core business1 by 7.1 percent in 2019 and by 11.0 percent in the fourth quarter (excluding exchange), creating strong momentum for 2020 and our proposed combination with AbbVie."
UPDATE ON PROPOSED ABBVIE TRANSACTION
On January 10, 2020, AbbVie and Allergan received conditional approval from the European Commission for AbbVie's proposed acquisition of Allergan, subject to the approved divestiture of brazikumab (IL-23 inhibitor) and other conditions. On January 27, 2020, Allergan announced that it entered into definitive agreements to divest brazikumab and ZENPEP® (pancrelipase) in conjunction with the ongoing regulatory approval process for the proposed transaction.
AstraZeneca will acquire brazikumab, currently in Phase 2b/3 development for Crohn's Disease and in Phase 2 development for ulcerative colitis, including global development and commercial rights. Nestle will acquire and take full operational ownership of ZENPEP® upon closing the transaction with customary transition support from Allergan. ZENPEP® is a treatment, which is available in the United States, for exocrine pancreatic insufficiency due to cystic fibrosis and other conditions. Nestle also will be acquiring Viokace, another pancreatic enzyme preparation, as part of the same transaction. The closings of the divestitures of brazikumab and ZENPEP® are contingent upon receipt of U.S. Federal Trade Commission and European Commission approval, closing of AbbVie's pending acquisition of Allergan and the satisfaction of other customary closing conditions.
Allergan expects the close of the pending AbbVie transaction around the end of the first quarter 2020, subject to receipt of required regulatory approvals and other closing conditions.
On January 10, 2020, AbbVie and Allergan received conditional approval from the European Commission for AbbVie's proposed acquisition of Allergan, subject to the approved divestiture of brazikumab (IL-23 inhibitor) and other conditions. On January 27, 2020, Allergan announced that it entered into definitive agreements to divest brazikumab and ZENPEP® (pancrelipase) in conjunction with the ongoing regulatory approval process for the proposed transaction.
AstraZeneca will acquire brazikumab, currently in Phase 2b/3 development for Crohn's Disease and in Phase 2 development for ulcerative colitis, including global development and commercial rights. Nestle will acquire and take full operational ownership of ZENPEP® upon closing the transaction with customary transition support from Allergan. ZENPEP® is a treatment, which is available in the United States, for exocrine pancreatic insufficiency due to cystic fibrosis and other conditions. Nestle also will be acquiring Viokace, another pancreatic enzyme preparation, as part of the same transaction. The closings of the divestitures of brazikumab and ZENPEP® are contingent upon receipt of U.S. Federal Trade Commission and European Commission approval, closing of AbbVie's pending acquisition of Allergan and the satisfaction of other customary closing conditions.
Allergan expects the close of the pending AbbVie transaction around the end of the first quarter 2020, subject to receipt of required regulatory approvals and other closing conditions.
Allergan (NYSE: AGN) stock price history
The image below obtained from Google, shows the stock price history of Allergan over the last 5 years. And its not been a very good time for Allergan stockholders. 5 years ago the stock of Allergan was trading at around $285 a stock and its currently trading at $199.65 a stock. That's a loss of -29.9% suffered by Allergan stockholders over the last 5 years.
The stock of Allergan is trading at very close to its 52 week high of $200.29 and is far away from its 52 week low of $114.27. The imminent buyout of Allergan by AbbVie can be thanked for the strong performance in Allergan's stock price over the last 6 months.
The stock of Allergan is trading at very close to its 52 week high of $200.29 and is far away from its 52 week low of $114.27. The imminent buyout of Allergan by AbbVie can be thanked for the strong performance in Allergan's stock price over the last 6 months.
Recent coverage of Allergan
The extract below discusses the latest regarding Allergan as obtained from Investors.com
Allergan stock jumped Monday after the Botox-making pharma company topped fourth-quarter expectations ahead of its $63 billion acquisition by AbbVie (ABBV). For the fourth quarter ended Dec. 31, Allergan (AGN) earned $5.22 per share, minus some items, on $4.35 billion in sales. On a year-over-year basis, adjusted Allergan earnings popped 21.7% and revenue increased 6.6%.
Both measures topped the forecast of analysts polled by Zacks Investment Research for Allergan earnings of $4.61 a share and $4.095 billion in sales. On the stock market today, Allergan stock advanced 1.3%, ending the regular session at 199.65. AbbVie was up 2.7% to finish at 94.75.
Read the full article here
Allergan stock jumped Monday after the Botox-making pharma company topped fourth-quarter expectations ahead of its $63 billion acquisition by AbbVie (ABBV). For the fourth quarter ended Dec. 31, Allergan (AGN) earned $5.22 per share, minus some items, on $4.35 billion in sales. On a year-over-year basis, adjusted Allergan earnings popped 21.7% and revenue increased 6.6%.
Both measures topped the forecast of analysts polled by Zacks Investment Research for Allergan earnings of $4.61 a share and $4.095 billion in sales. On the stock market today, Allergan stock advanced 1.3%, ending the regular session at 199.65. AbbVie was up 2.7% to finish at 94.75.
Read the full article here
Takeover of Allergan by AbbVie
Allergan expects the takeover of the group by AbbVie to be completed towards the end of their 1st quarter 2020, and therefore it is not holding an investor conference call.