Allergan beats by $0.06, beats on revs; guides Q2 EPS above consensus; raises FY14 guidance (166.32)
Reports Q1 (Mar) earnings of $1.18 per share, excluding non-recurring items, vs. $1.09-1.12 guidance, $0.06 better than the Capital IQ Consensus of $1.12; revenues rose 12.7% year/year to $1.65 bln vs the $1.61 bln consensus. Total product net sales $1.62 bln vs. $1.525-1.60 bln guidance.
Co issues guidance for FY14, raises EPS to $5.64-5.73 from $5.36-5.48 vs. $5.48 Capital IQ Consensus; sees FY14 total product net sales of $6.775-7.0 bln, may not be comparable to $6.88 bln Capital IQ Consensus Estimate.
- On April 22, 2014, Allergan confirmed receipt of an unsolicited proposal from Valeant Pharma (VRX) to acquire all of the outstanding shares of Allergan for a combination of 0.83 of Valeant common shares and $48.30 in cash per share of common stock of Allergan. The Allergan Board of Directors, in consultation with its financial and legal advisors, will carefully review and consider the Proposal and pursue the course of action that it believes is in the best interests of Allergan's stockholders. Allergan also adopted a one-year Stockholder Rights Plan effective April 22, 2014.
Co issues guidance for FY14, raises EPS to $5.64-5.73 from $5.36-5.48 vs. $5.48 Capital IQ Consensus; sees FY14 total product net sales of $6.775-7.0 bln, may not be comparable to $6.88 bln Capital IQ Consensus Estimate.