Pharmaceutical giant Allergan Plc on Tuesday reported that its financial results in the second quarter of 2019 stood at $4.09 billion, 0.8% lower year-over-year. The company also recorded $1.26 billion in operating loss, which amounts to $5.37 loss per share. This deficit was partially caused by "lower revenues due to divestitures, products that lost exclusivity and declines in textured breast implants due to a global recall."
Selling, general and administrative expenses rose 0.8% compared to the prior year quarter, while the research and development expenses were reduced by 34.7% on an annual basis. Allergan also recorded total pre-tax impairment charges of $1.65 billion in the three months ended June, primarily due to delays in clinical studies as well as a reduction in the expected value of certain development projects.
"In the second quarter of 2019, Allergan delivered steady growth in our key products including BOTOX, VRAYLAR, JUVÉDERM, Lo LOESTRIN and OZURDEX while we continued to advance our pipeline, highlighted by the FDA's approval of VRAYLAR (Cariprazine) for Bipolar Depression and the NDA acceptance for Bimatoprost SR for Glaucoma," said Brent Saunders, Chairman and CEO of Allergan.
