Revenues of US$3.32bn, up 4.4%, came in some US$400mln shy of forecasts while earnings undershot by a long way at US$3.32 per share against a consensus US$3.56.
The Dublin-based group blamed Asacol for ulcerative colitis and Alzheimer’s treatment Namenda for the lower than expected earnings.
Shares have dropped by a third since a merger with Pfizer was scrapped in April and they fell a further 3% today to US$202.32.
For 2016 overall, Allergan forecast eps between $13.30 to $13.50 and revenues of $14.45bn and $14.65bn, both of which were below prior consensus targets.
Brent Saunders chief executive, remained upbeat saying company was aiming to end the year with “strong momentum.”
Story by ProactiveInvestors