When Allergan PLC (NYSE: AGN) reported its most recent quarterly results before the markets opened on Tuesday, the company said that it had $4.86 in earnings per share (EPS) on $4.33 billion in revenue. Consensus estimates from Thomson Reuters had called for $4.74 in EPS and $4.28 billion in revenue. The fourth quarter of last year reportedly had EPS of $3.90 and revenue of $3.86 billion.
During the quarter, the company recorded a net provisional benefit of about $2.8 billion related to the Tax Cuts and Job Act. This amount includes a $730 million provisional expense representing the U.S. tax payable on deemed repatriated earnings of non-U.S. subsidiaries offset by a $3.5 billion net reduction of U.S. deferred tax liabilities.
Also in this time, the company announced that the U.S. Food and Drug Administration (FDA) has accepted its New Drug Application (NDA) for Seysara (sarecycline) for the treatment of moderate to severe acne vulgaris in patients nine years of age and older. Not to mention, the firm posted positive topline results for a Phase 3 study of cariprazine for the treatment of adults with major depressive episodes associated with bipolar I disorder (bipolar I depression).
Looking ahead to the first quarter, the company expects to see EPS in the range of $3.20 to $3.40 and revenues between $3.5 billion and $3.6 billion. The consensus estimates are $3.71 in EPS and $3.72 billion in revenue.
Brent Saunders, board chair and chief executive of Allergan, commented:
2017 was a pivotal year for Allergan and we delivered solid results. We powered strong revenue growth of our top products and in each of our regions. We acquired, integrated and grew two new businesses and continued to advance our R&D pipeline. Allergan also continued to execute our capital deployment plan by completing a $15 billion share repurchase program, instituting a dividend and paying down debt in 2017. I believe that Allergan has a strong future and I am especially proud of our Allergan colleagues who continue to be Bold for Life by delivering treatments that make a difference for patients around the world.
Shares of Allergan traded down about 1% at $162.89 Tuesday afternoon, with a consensus analyst price target 220.14 and a 52-week range of $160.07 to $256.80.