Pharmaceutical giant Allergan Plc announced on Tuesday a 2% annual drop in revenue, with the figure reaching $3.6 billion in the first quarter of 2019. The company's losses per share amounted to $7.25, significantly worse than the $0.99 loss per share seen 12 months ago. Allergan said its operating loss for the first quarter stood at $2.30 billion, further falling from last year's $654 million.
The company stated its US Specialized Therapeutics revenue amounted to $1.54 billion, falling 2.3% annually. Botox Therapeutic and Cosmetic units' demand fell compared to the same quarter in 2018 mostly due to lower net pricing. On the other hand, Allergan's international revenue marked a 1.3% annual increase driven mostly by growth in Facial Aesthetics.
"Our first quarter results reflected continued growth of our Core Business... Many key R&D programs have made steady progress and we now anticipate five regulatory approvals over the next 18 months. I appreciate the talented Allergan colleagues around the world who are bringing our products to patients who need them and positioning Allergan for a successful 2019 and beyond," Allergan CEO Brent Saunders commented.
Following the earnings release, Allergan shares jumped 2.19% in Tuesday's premarket trading.
