Allergan Gains 1.50% Following Q4 Beat, Company Updates On M&A Activity

Shares of Allergan plc Ordinary Shares (NYSE: AGN) were trading higher by more than 1.50 percent on Monday after the company reported its fourth quarter results.

Allergan said that it earned $3.41 per share in the fourth quarter on revenue of $4.2 billion. Wall Street analysts were expecting the company to earn $3.34 per share on revenue of $4.19 billion.

Total global branded product revenues rose to $3.7 billion in the quarter from $1.9 billion a year ago. The company cited strong performances and growth in Botox, Restasis, Namenda, and other key segments.

Allergan noted that results from its Global Generics business are being reported as discontinued operations beginning with its third quarter 2015 results. The company added that its segment saw "solid performance" in the fourth quarter.

"Allergan delivered another quarter of exceptional performance across each of our businesses. On a proforma basis, our team drove double-digit branded revenue growth powered by continued strong performance from key products in our U.S. Brands, U.S. Medical and International Brands segments. We also continued our focus on the transformation of Allergan into a branded Growth Pharma leader," said Brent Saunders, CEO and President of Allergan.

Allergan's M&A Commentary

"We have also made important progress with Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) on the planned divestiture of our Global Generics business," added Saunders.

"And in November, Pfizer Inc. (NYSE: PFE) and Allergan announced the proposed combination of the two companies. This bold step brings together the best strengths of both companies – adding Allergan's leading products across seven therapeutic areas and robust mid-to-late stage R&D pipeline to Pfizer's leading innovative and established businesses, vast worldwide commercial operations and discovery R&D leadership to create a new biopharma leader."