Allergan's revenue beats on higher U.S. brand sales
(Reuters) - Allergan Plc AGN.N reported better-than-expected quarterly revenue, helped by strong performance in its U.S. brands segment, and said it continues to expect its takeover by Pfizer Inc PFE.N to close in the second half 2016.
The company's shares rose 3.2 percent to $284.
Allergan said revenue in its U.S. brands business rose 38 percent to about $2.5 billion in the quarter ended Dec. 31, accounting for 58.7 percent of total revenue.
Botox global sales were about $460 million, while Restasis global sales came in at about $348.2 million.
Pfizer agreed in November to buy Allergan in a $160 billion deal which is meant to slash Pfizer's tax rate as it would shift its headquarters to Dublin.
The deal has been under intense regulatory scrutiny with politicians condemning it as a tax-dodge.
Talking about the speculation around the takeover, CEO Brenton Saunders said he saw no obstacles with the closing of the deal.
"(The deal) was constructed in a highly legal way with advice of many experts and I think we're in a very strong position to close this deal in the second half of the year."
Allergan forecast 2016 adjusted revenue of about $17 billion, just shy of the analysts' average estimate of $17.66 billion. This estimate takes into account foreign exchange impact of $200 million and a $500 million decline in the company's low-margin generics business. Continued...