Allergan forecasts second-half revenue above $8 billion
(Reuters) - Drugmaker Allergan Plc AGN.N said it expected revenue to be greater than $8 billion in the second half as it completes the sale of its generics business to Teva Pharmaceuticals Industries Ltd TEVA.TA TEVA.N.
Analysts on average were expecting the Botox maker to report revenue of $5.67 billion for the third quarter and $5.91 billion for the fourth quarter, according to Thomson Reuters I/B/E/S.
The company said it intends to report its generics business as discontinued operations in the third quarter. The sale is expected to close in the first quarter of 2016.
Teva agreed in July to buy Allergan’s generic drugs business for $40.5 billion in cash and stock, leaving Allergan to focus on paying down debt and potential "transformational" acquisitions.
Allergan has always expanded its portfolio through acquisitions, the latest being a $2.1 billion offer to buy Kythera Biopharmaceuticals Inc KYTH.O in June.
The company said it expects adjusted earnings of $6.25 to $6.65 per share for the second half ending Dec. 31.
Allergan reported revenue of $9.98 billion in the first half where total revenue from the generic segment was $3.31 billion.
The company's shares closed at $254.87 on the New York Stock Exchange on Monday.
(Reporting by Rosmi Shaji in Bengaluru; Editing by Don Sebastian)
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