Allergan Sees 10% Rise in Branded Revenue

Allergan PLC updated its financial projections for the second half of the year and said it expects its branded revenue to increase 10% following the sale of its generics unit to Teva Pharmaceutical Industries Ltd.

Dublin-based Allergan in its current form became one of the top-10 drug companies by sales when Actavis bought Allergan, the maker of wrinkle treatment Botox, for nearly $70 billion. Three months later, Actavis changed its name to Allergan.

In July, Allergan agreed to sell its generics unit to Teva for $40.5 billion, a move it said would allow it to sharpen its focus on its branded pharmaceutical business.

On Monday, Allergan projected profit for the second half of the year between $6.25 and $6.65 a share, excluding certain items, on more than $8 billion in revenue.

In May, before the deal to sell the generics unit to Teva, the company had projected adjusted earnings for the full year of $17 to $18.50 a share on $20.5 billion to $21 billion in revenue.

Shares of the company, which were hit hard during the regular trading Monday along with other biotech stocks, were up 0.4% after hours to $256.

Write to Maria Armental at [e-mail]

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(END) Dow Jones Newswires

September 28, 2015 17:55 ET (21:55 GMT)

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