** chart 2 days before earnings **
** charts after earnings **
- A large pop the week following earnings:
Allergan misses by $0.23, misses on revs; lowers FY16 guidance; announces $10 bln ASR and initiates $0.70 quarterly dividend :
- Reports Q3 (Sep) earnings of $3.32 per share, $0.23 worse than the Capital IQ Consensus of $3.55; revenues rose 4.4% year/year to $3.62 bln vs the $3.68 bln Capital IQ Consensus, were driven by strong performance from key brands and new product launches, offset by the loss of ASACOL HD exclusivity, lower revenues for NAMENDA XR and IR, a decline in non-promoted Established Brands revenues and unfavorable foreign exchange impact.
- U.S. Specialized Therapeutics net revenues grew 12 percent driven by growth in Eye Care, Facial Aesthetics and Neuroscience & Urology. Eye Care franchise experienced strong results with RESTASIS net revenues in the third quarter of 2016 of $356.4 million, up 14 percent. BOTOX Cosmetic net revenues in the third quarter of 2016 were strong at $174.5 million, up 10 percent reflecting strong demand. BOTOX Therapeutic revenues in the third quarter of 2016 were $305.5 million, up 17 percent driven by strong demand across overactive bladder, chronic migraine and adult spasticity indications. LINZESS net revenues in the third quarter of 2016 were $164.4 million, up 40 percent driven primarily by continued OTC conversion.
- Co issues downside guidance for FY16, lowers EPS to $13.30-13.50 from $13.75-14.20, excluding non-recurring items, vs. $13.91 Capital IQ Consensus; lowers FY16 revs to $14.45-14.65 bln from $14.65-14.90 bln vs. $14.73 bln Capital IQ Consensus Estimate.
- Announces $10 bln accelerated share repurchase program; initiation of $0.70 quarterly dividend
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