Allergan plc (NYSE: AGN) stock lost over 3.6% on April 30th, 2018 (as of 30 Apr, 1:14 PM GMT-4; Source: Google finance).
The group delivered a net revenues rise of 2.8% yoy to $3.67 billion, during the first quarter of 2018, boosted by 13 percent increase growth in core business amid exclusivity challenges for older products, coupled with their tight expense management enabled maintenance of strong margins.
U.S. Specialized Therapeutics net revenues rose 6.5 percent to $1.58 billion, boosted by a further of ALLODERM® and CoolSculpting®, as well as growth in BOTOX®, offsetting a part by decreased revenues in Medical Dermatology. However, U.S. General Medicine net revenues lost 9.1% yoy to $1.2 billion, hurt by lower revenues from NAMENDA XR ®, ESTRACE®, MINASTRIN® and ASACOL® on the back of the generic competition, offset by strong growth from VRAYLAR®, LINZESS®, Lo LOESTRIN® and anti-infectives including AVYCAZ®. International net revenues rose 9% yoy to $864.0 million, led by growth in Medical Aesthetics, Eye Care and BOTOX® Therapeutic.
GAAP operating loss from continuing operations reached $654.0 million during the quarter which comprises the impact of amortization and in-process research and development (R&D) impairments. The group started 2018 on a positive note given the solid execution on all fronts, including the R&D pipeline. Positive top line drove cash flow, while the continuously payed down debt to further de-lever their balance sheet while accelerating and finishing their $2 billion share repurchase program.
Recently, the group also announced positive results from ACHIEVE II (UBR-MD-02), the second of two pivotal Phase 3 clinical trials evaluating the efficacy, safety and tolerability of orally administered ubrogepant 25 mg and ubrogepant 50 mg against placebo in a single migraine attack in adults. They forecast filing of a New Drug Application (NDA) to the FDA in 2019. Their second Phase 3 study is supporting the efficacy, safety, and tolerability of 50 mg ubrogepant. The consistency in response between both ACHIEVE I and ACHIEVE II offers a further evidence that ubrogepant, an oral calcitonin gene-related peptide (CGRP) receptor antagonist, offers a promising opportunity for the acute treatment of migraine