Biopharma company Allergan has reported stellar fourth-quarter adjusted earnings.
The company also revealed that the first of two key trials for its migraine treatment ubrogepant were successful.
For the fourth quarter, Allergan reported EPS of $4.86 while analysts had been calling for $4.74. Revenue at $4.33 billion was also ahead of the $4.28 billion that Wall Street had expected. Revenue was also 12% higher than the year ago quarter.
Net income of $3.05 billion, or $8.88 per share was higher than the loss of $70.2 million or 20 cents a share from the year ago period. After adjustments, the company earned $2.17 billion, or $4.86 per share.
The company’s Restasis saw $414.9 million in sales around the world.
It’s ACHIEVE 1 study had top-line results measuring ubrogepant 50 mg and ubrogepant 100 mg against a placebo in a single migraine attack of moderate-to-severe headache intensity.
The most common side effects in the study were nausea, drowsiness, and dry mouth. Noone had reported a frequency greater than 5%.
Chief research and development officer of the company, David Nicholsan, remarked, “We are pleased with the favorable results of our ACHIEVE I study, which support the efficacy, safety and tolerability profile of ubrogepant.”
“We are confident that ubrogepant, an oral calcitonin gene-related peptide (CGRP) receptor antagonist will be an option for the treatment of migraines in adults.”
Looking ahead, Allergan has forecast revenue in the range of $3.5 billion to $3.6 billion and EPS between $3.20 and $3.40. Analysts had been expecting revenue of $3.72 billion and EPS of $3.71.
Disclaimer: We have no position in Allergan plc. (NYSE: AGN) and have not been compensated for this article.