Allergan (AGN) released its Q3 2018 earnings today. The company beat Wall Street analysts’ estimates for EPS and revenues, and it reported non-GAAP EPS of $4.25 on revenues of $3.91 billion, compared to estimates for EPS of $4.03 on revenues of $3.88 billion during the third quarter of 2018.
The above chart compares EPS and revenues for Allergan since the first quarter of 2017.
Revenues in Q3
During the third quarter of 2018, Allergan reported a 3.0% decline in revenues to ~$3.91 billion, compared to revenues of ~$4.03 billion during the third quarter of 2017.
Allergan reports its business revenues in three segments:
- US Specialized Therapeutics
- US General Medicines
The decline in revenues was due to lower sales from US markets for both US Specialized Therapeutics and US General Medicines, partially offset by strong sales from the International business.
US Specialized Therapeutics
The US Specialized Therapeutics segment’s revenues fell ~1.1% to $1.71 billion, compared to $1.72 billion during the third quarter of 2017, due to lower sales of Restasis, Lumigan/Ganfort, Aczone, Kybella, and a few other products.
US General Medicine
The US General Medicine segment’s revenues fell 7.7% to ~$1.38 billion, versus ~$1.50 billion during the third quarter of 2017. The fall was due to lower sales of Bystolic/Byvalson, Namenda XR, Estrace Cream, Asacol, and some other products.
The International business segment includes revenues from sales outside US markets. The segment’s revenues increased 1.7% to $821.6 million, compared to $807.8 million during the third quarter of 2017. This growth included an increase of 7.8% in revenues at constant exchange rates, which was offset by a 6.1% negative impact of foreign exchange.