Allergan’s Sales Rose 13 Percent in First Quarter

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IRVINE, Calif.— Allergan (NYSE: AGN) reported total product net sales of $1,619.1 million for the quarter ended March 31, 2014, a 13.0 percent increase versus year ago. Total specialty pharmaceuticals net sales increased 10.4 percent, or 12.0 percent on a constant currency basis, compared to total specialty pharmaceuticals net sales in the first quarter of 2013. Total core medical devices net sales increased 23.3 percent, or 25.2 percent on a constant currency basis, compared to total core medical devices net sales in the first quarter of 2013. 

Total specialty pharmaceuticals and core medical devices net sales excluding sales from the transition services agreements related to the sale of Allergan’s obesity intervention business unit, increased 12.2 percent, or 13.9 percent on a constant currency basis, compared to total specialty pharmaceuticals and core medical devices net sales in the first quarter of 2013. Revenue from sales of eyecare pharmaceuticals rose 10.9 percent in the first quarter of 2014, to $730.4 million.

“In the first quarter Allergan delivered strong sales and earnings per share growth above the high end of our expectations," said David E.I. Pyott, Allergan's chairman of the board and CEO. “Furthermore, we are pleased with the continuing strength of our growing markets around the world and our market share gains in many businesses.”

For the full year of 2014, Allergan said it expects total product net sales between $6,775 million and $7,000 million, excluding any future anticipated revenue from the transition services agreements related to the sale of the obesity intervention business.

Allergan is in the midst of a takeover battle with Valeant Pharmaceuticals International, which made a hostile bid on April 22 all of Allergan’s outstanding shares for a combination of 0.83 of Valeant common shares and $48.30 in cash per share of Allergan’s common stock.