Allergan Records Q2 operating loss, despite recording more than $5.6 billion in revenue

The pharmaceutical company reported second-quarter net revenue of US$4.12 billion (AU$5.67 b), up from US$4.01 billion (AU$5.52 b) in Q2 last year, with overall sales driven by medical aesthetics products such as Botox. It also recorded a non-GAAP operating income of US$1.97 billion (AU$2.71 b) for the quarter, an increase of 4.6% in relation to the same period in 2017.CEO Mr Brent Saunders said Allergan’s Q2 performance donstrated the strength of the company’s strategy and focus on execution.“In the second quarter, our core business grew by 10.6%, led by Medical Aesthetics, Botox Therapeutic, Vraylar, and Linzess. At the same time, the positive clinical trial results on programs for migraine, glaucoma and age-related macular degeneration highlight the promise of our business for years to come,” he said.{{quote-A:R-W:450-I:2-Q: We have driven strong growth in our key products and core business, delivered seven successful pivotal clinical trials for our key R&D programs and executed on our capital deployment strategy. -WHO:Brent Saunders, CEO of Allergan}}“We have driven strong growth in our key products and core business, delivered seven successful pivotal clinical trials for our key R&D programs and executed on our capital deployment strategy.”In eyecare, net revenue for dry eye drug Restasis dropped 5.4% in Q2 to $318.2 million (AU$437.69 m), while glaucoma treatment Alphagan/Combigan increased to US$98.1 million (AU$134.94 m), up from the US$96.4 million (AU$132.6 m) recorded in the same period last year.Ozurdex also saw a 10.8% increase in revenue, reaching US$27.6 million (AU$37.96 m) in sales for the quarter.Allergan reported positive top-line Phase III results for its first-in-class sustained-release, biodegradable implant Bimatoprost SR for the reduction of intraocular pressure in patients with open-angle glaucoma or ocular hypertension.Results from a second Phase III trial with an identical design and additional safety data from the study will be reported in the first half of 2019.Allergan also expanded the Refresh portfolio, with the launch of its over-the-counter artificial tear formulation Refresh Repair Lubricant Eye Drops for dry eye.