DUBLIN, Aug. 8, 2016 /PRNewswire/ -- Allergan plc (NYSE: AGN) today reported its second quarter 2016 continuing operations performance.
Second Quarter 2016 Continuing Operations
($ in millions, except per share amounts) | Q2 '16 | Q2 '15 | Q1 '16 | Q2 '16 | Q2 '16 | ||||||
Total net revenues | $ 3,684.8 | $ 3,628.7 | $ 3,399.3 | 1.5% | 8.4% | ||||||
Branded net revenues* | $ 3,709.2 | $ 3,673.8 | $ 3,431.2 | 1.0% | 8.1% | ||||||
Operating (Loss) | $ (487.6) | $ (476.1) | $ (171.5) | 2.4% | 184.3% | ||||||
Diluted EPS - Continuing Operations | $ (1.25) | $ (1.38) | $ (0.41) | (9.4)% | 204.9% | ||||||
Cash Flow from Operations | $ 1,382.5 | $ 1,401.3 | $ 1,218.5 | (1.3)% | 13.5% | ||||||
SG&A Expense | $ 1,210.0 | $ 1,121.1 | $ 1,096.3 | 7.9% | 10.4% | ||||||
R&D Expense | $ 636.5 | $ 349.7 | $ 403.1 | 82.0% | 57.9% | ||||||
Continuing Operations Tax Rate | 37.9% | 44.7% | 81.6% | (6.8)% | (43.7)% | ||||||
Non-GAAP Adjusted Operating Income | $ 1,860.0 | $ 2,008.7 | $ 1,734.1 | (7.4)% | 7.3% | ||||||
Non-GAAP Diluted EPS | $ 3.35 | $ 3.67 | $ 2.99 | (8.7)% | 12.0% | ||||||
Non-GAAP Adjusted EBITDA | $ 1,936.6 | $ 2,080.8 | $ 1,816.1 | (6.9)% | 6.6% | ||||||
Non-GAAP SG&A Expense | $ 1,038.8 | $ 899.4 | $ 969.0 | 15.5% | 7.2% | ||||||
Non-GAAP R&D Expense | $ 345.0 | $ 302.0 | $ 276.5 | 14.2% | 24.8% | ||||||
Non-GAAP Continuing Operations Tax Rate | 7.1% | 8.0% | 9.7% | (0.9)% | (2.6)% | ||||||
* Excludes the reclassification of revenues of ($24.4) million in Q2 2016, ($45.1) million in Q2 2015, and ($31.9) million in Q1 2016 related to the portion of Allergan product revenues sold by our Anda Distribution Business into discontinued operations. | |||||||||||
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Total net revenues of $3.7 billion, a two percent increase versus the prior year quarter, were impacted by the loss of exclusivity on Namenda IR, offset by strong performance in key brands and new product launches.
"Allergan delivered another quarter of strong operating performance, while taking important steps to advance our evolution as a focused Growth Pharma leader," said Brent Saunders, CEO and President, Allergan. "Our teams delivered strong revenues powered by robust performance from key brands, including BOTOX®, RESTASIS®, LINZESS®, JUVEDERM® and LO LOESTRIN®. Our R&D teams have delivered thirteen major U.S. and international approvals, including BYVALSON and NAMZARIC®, and completed nine major regulatory submissions, including XEN for glaucoma and True Tear for dry eye to the Food and Drug Administration, so far this year."
"2016 has been a year of significant, positive transition for Allergan. On August 2, we announced the completion of the divestiture of our Global Generics business, and on August 3, announced the proposed divestiture of our Anda distribution business, to Teva. These steps position Allergan as a pure branded focused business able to maximize the power of its therapeutic areas and the promise of its leading Open Science pipeline of 65+ mid-to-late stage development programs," added Saunders.
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