Demand for fillers helps Allergan boost full-year targets

Allergan plumped its full-year forecasts on Tuesday, after the pharmaceutical company reported a jump in first-quarter sales of wrinkle treatment Botox.

The company said revenues from Botox were 16.7% higher at $229.5m, while its Juvederm fillers saw revenues rise 5.6% to $129.7m.

The Dublin-based, New York-listed company said it now expected total net revenues for the full year to come in at between $15.1bn and $15.4bn, compared to previous guidance of $15bn and $15.3bn. Forecasts for adjusted earnings per share were increased to $16.55 from $16.36.

Chairman and chief executive Brent Saunders – who recently saw off an attempt by activist hedge fund Appaloosa to have his roles split – said: “Our first-quarter results reflected continued growth of our core business, which increased 4.4% year-over-year across our four key therapeutic areas. Growth of key products such as Botox, Vraylar, Juvederm and Lo Loestrin offset declines in products that lost exclusivity and products which were divested in 2018.”

He added that the company expected five regulatory approvals over the next 18 months.

Overall, first-quarter revenues declined 2% to $3.6bn. The operating loss widened significantly, from $654m to $2.3bn, because of a $2.5bn goodwill charge related to the failure of clinical trials for rapastinel, a potential treatment for depression.

Adjusted earnings per share were 1.3% higher at $3.79, however, beating analyst forecasts for $3.55.