Allergan Beats Profit Expectations, But Gives Downbeat Sales Outlook

Allergan PLC reported a fourth-quarter loss that narrowed to $700.5 million, or $1.78 a share, from $732.9 million, or $3.34 a share, in the same period a year ago. Excluding non-recurring items, such as acquisition costs, adjusted earnings per share came to $3.41, beating the FactSet consensus of $3.34. Revenue rose to $4.2 billion from $2.42 billion, matching the FactSet consensus. Botox sales came to $655.7 million, beating expectations of $606.3 million. For 2016, the drug company expects revenue of approximately $17 billion, compared with the FactSet consensus of $17.69 billion. The stock, which was still inactive in premarket trade, has lost 12% year to date, while the S&P 500 has slipped 6.2%.