NEW YORK (AP) — Allergan will buy back up to $10 billion in stock following a swing to a first-quarter profit on a strong surge in sales of key drugs, including the wrinkle and muscle spasm treatment Botox.
The buyback plan is contingent on the sale of the drug developer’s generics unit to Teva, which is expected to close by the end of the year.
The announcement came as the Dublin-based company swung to a first-quarter profit of $255.7 million, or 47 cents per share, after reporting a loss in the same period a year earlier.
Earnings, adjusted for one-time gains and costs, were $3.04 per share. That surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.99 per share.
Revenue jumped 48 percent to $3.8 billion in the period. Four analysts surveyed by Zacks expected $3.95 billion.
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Filed Under: Drug Discovery
