Allergan posts 2nd-qtr loss on acquisition-related charges

Ireland-incorporated drugmaker Allergan (NYSE: AGN) today reported continued exceptional performance with net revenue increasing 116% to $5.76 billion for the quarter ended June 30, 2015. Shares fell 2% to $329.86 in recent premarket trading.

On a non-generally-accepted accounting principles (GAAP) basis, diluted earnings per share increased 29% to $4.41. Analysts on average had expected a profit of $4.38 per share on revenue of $5.71 billion, according to Thomson Reuters I/B/E/S. However, on a GAAP basis, the company reported a loss of $243.1 million, or $0.80 per share, compared to GAAP net profit of $48.7 million, or per diluted share of $0.28 in the prior year period.

GAAP results were impacted by amortization, in-process research and development impairments, acquisition-related expenses, acquisition accounting valuation related expenses and severance and integration costs associated with acquired businesses, mainly the acquisitions of Allergan by forerunner Actavis in March 17, 2015 and Forest Laboratories in July 2014.