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Franchises that Drove Allergan’s International Sales in 2Q

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Aug. 31 2016, Updated 7:04 a.m. ET

The International segment

Allergan’s (AGN) International segment includes the revenues from both branded products and aesthetics products outside the US markets. These sales are primarily attributable to the acquisition of Allergan.

During 2Q16, the total revenues for the International segment were $757 million as compared to $717.1 million in 2Q15.

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Performance of the International segment

  • The eye care franchise reported revenues of $318.7 million during 2Q16, including the sales of products for dry eyes, glaucoma, and other eye conditions. The dry eyes products include Refresh and Restasis while glaucoma products include Alphagan, Combigan, and Lumigan. Some other eye care products include Acular, Acuvail, Botox, Elestat, Lastacaft, and Pred Forte.
  • The facial aesthetics franchise reported revenues of $240.6 million during 2Q16 as compared to $215.2 million in 2Q15. The facial aesthetics franchise includes Botox cosmetic products, Latisse, the Juvederm brand of dermal fillers, and new products Belkyra and Kybella.
  • The plastic surgery products reported revenues of $40.3 million during 2Q16 as compared to $43.2 million during 2Q15. These products include the Natrelle brand of products for breast augmentation, breast reconstruction products, and the new product Earfold.
  • Skincare products including Prevage and SkinMedica products reported revenues of $3.2 million during 2Q16.
  • Other therapeutics reported revenues of $141.1 million during 2Q16 as compared to $129.8 million in 2Q15. Other therapeutics include the Botox range of products, Asacol, and Constella products.

Gross margin for the International segment rose by 0.4% to 84.8% during 2Q16. The selling, general, and administration expenses rose due to increased spending on new products including Belkyra, Xen, Earfold, and Constella.

Investors can consider ETFs like the PowerShares Dynamic Pharmaceuticals (PJP), which holds ~5.1% of its total assets in Allergan, in order to divest the risk. Apart from Allergan, PJP also holds 4.9% of its total assets in Bristol-Myers Squibb (BMY), 4.5% in Gilead Sciences (GILD), and 4.9% in Merck & Co. (MRK).

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