Allergan plc (AGN) swung to a net loss for the quarter ended Mar. 31, 2017. The company has made a net loss of $2,565.20 million, or $ 7.86 a share in the quarter, against a net profit of $255.70 million, or $0.47 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $1,195.80 million, or $3.35 a share compared with $1,249.80 million or $2.99 a share, a year ago.
Revenue during the quarter grew 5.11 percent to $3,572.90 million from $3,399.30 million in the previous year period. Gross margin for the quarter expanded 144 basis points over the previous year period to 87.39 percent. Operating margin for the quarter stood at negative 25.36 percent as compared to a negative 5.05 percent for the previous year period.
Operating loss for the quarter was $906 million, compared with an operating loss of $171.50 million in the previous year period.
However, the adjusted operating income for the quarter stood at $1,617.80 million compared to $1,733.90 million in the prior year period. At the same time, adjusted operating margin contracted 573 basis points in the quarter to 45.28 percent from 51.01 percent in the last year period.
We are focused on executing successful integrations of those businesses. And our R&D team continued to advance many of our six "star" R&D programs and deliver FDA approvals, including VOLLURE™ XC and TrueTear™," said Brent Saunders, Chairman and CEO of Allergan. "These solid results and strong execution were delivered by our 18,000 global colleagues who continue to Be Bold. They are powering new ideas and building bridges with our customers to help them better care for their patients. They are acting fast and driving results that will continue to make a profound impact on global health and patient care. I thank them for their continued commitment as we focus on solid execution and delivering results for the remainder of 2017," added Saunders.
For financial year 2017, Allergan plc expects revenue to be in the range of $15,800 million to $16,000 million and expects adjusted revenue to be in the range of $15,800 million to $16,000 million. The company forecasts net loss to be in the range of $3,130 million to $2,962 million. For the fiscal year 2017, Allergan plc projects adjusted net income to be in the range of $5,641 million to $5,820 million. the company projects diluted loss per share to be in the range of $9.70 to $10.20. For financial year 2017, the company projects diluted earnings per share to be in the range of $15.85 to $16.35 on adjusted basis.
Operating cash flow drops significantly
Allergan plc has generated cash of $723.30 million from operating activities during the quarter, down 42.28 percent or $ 529.80 million, when compared with the last year period.
Cash flow from investing activities was $14.20 million for the quarter as against cash outgo of $53.80 million in the last year period. It has incurred capital expenditure of $378.80 million on net basis during the quarter, up 420.33 percent or $306 million from year ago period.
The company has spent $1,374.90 million cash to carry out financing activities during the quarter as against cash outgo of $39.70 million in the last year period.
Cash and cash equivalents stood at stood at $1,092.90 million as at Mar. 31, 2017.
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