S&P 500 (NYSE:SPY) component Allergan Inc. (NYSE:AGN) reported its results for the first quarter. Allergan is a global specialty health care company. It discovers, develops, and commercializes innovative pharmaceuticals, biologics, and medical devices, as well as over-the-counter products.
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Allergan Earnings Cheat Sheet for the First Quarter
Results: Net income for Allergan Inc. rose to $229.8 million (74 cents per share) vs. $158.3 million (51 cents per share) in the same quarter a year earlier. This marks a rise of 45.2% from the year-earlier quarter.
Revenue: Rose 9.5% to $1.39 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Allergan Inc. reported adjusted net income of 86 cents per share. By that measure, the company fell short of mean estimate of 87 cents per share. Analysts were expecting revenue of $1.38 billion.
Quoting Management: “In the first quarter Allergan delivered strong operating results as we continued to benefit from product approvals and operating in many growing markets,” said David E.I. Pyott, Allergan’s Chairman of the Board, President and Chief Executive Officer. “In addition, as discussed at our Research & Development Technology Review in March, we have a robust R&D pipeline that should fuel additional growth over the long-term.”
Revenue has increased for four consecutive quarters. Revenue increased 7.1% to $1.4 billion in the fourth quarter of the last fiscal year. The figure rose 9.9% in the third quarter of the last fiscal year from the year earlier and climbed 13.6% in the second quarter of the last fiscal year from the year-ago quarter.
The company fell short of estimates last quarter after being in line with expectations the quarter before with net income of $1.
Looking Forward: For next quarter, analysts have a more positive outlook about the company’s expected results. The average estimate for the second quarter is $1.08 per share, up from $1.07 ninety days ago. For the fiscal year, the average estimate has moved down from $4.20 a share to $4.18 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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