Allergan (AGN) reported a deteriorating financial performance when it announced its fourth-quarter results in January. Revenue fell by nearly 6% year over year.
But any questions that investors had about Allergan's first quarter were answered when the drugmaker announced its Q1 results before the market opened on Tuesday. Here's what you need to know from the company's quarterly update:
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By the numbers
Allergan reported revenue in the first quarter of $3.6 billion. This reflected a 2% decrease from the prior-year period total of $3.67 billion. The consensus among Wall Street analysts had Q1 revenue at $3.54 billion.
The company's GAAP net loss in the first quarter was $2.4 billion, or $7.25 per share. This was a worsening of Allergan's result in the prior-year period, when the company announced a net loss of $283.9 million, or $0.99 per share.
Allergan announced adjusted earnings of $3.79 per share in the first quarter. This represented a 1.34% increase from the $3.74 reported in the same quarter of 2018. Analysts were expecting Q1 adjusted EPS of $3.55.
Behind the numbers
One nice positive for Allergan in the first quarter was the performance of its flagship product Botox. Cosmetic sales for Botox increased 16.7% over the prior-year period to $229.5 million. Revenue from the therapeutic use of Botox jumped 5.8% year over year to $397.6 million.
Allergan also saw good results from Juvederm. Sales for the gel dermal fillers increased 5.6% over the prior-year period to $129.7 million.
There was some bad news for Allergan in the first quarter, though. Sales for its CoolSculpting line slipped 27.8% to $62.9 million. And revenue generated by eye drop Restasis fell 9.4% to $231.7 million.
Looking ahead
Allergan now anticipates GAAP revenue between $15.13 billion and $15.43 billion in full-year 2019, up from its previous guidance of $15 billion to $15.3 billion. The company also projected 2019 non-GAAP revenue to be between $15.1 billion and $15.4 billion, compared with non-GAAP revenue between $15 billion and $15.3 billion provided in its previous outlook.
In addition, CEO Brent Saunders mentioned several things that investors can look forward to in the coming months. The company anticipates five regulatory approvals over the next 18 months. These new products could help maintain the momentum from the first quarter.
