Don't Expect Restasis Generics Until At Least Next Quarter, Allergan CEO Says
Update on those Restasis generics Allergan investors have been seriously dreading: The company now believes they’re “unlikely” to arrive before the second quarter, CEO Brent Saunders says, according to a report in Fierce Pharma.
What that timeline in mind, Allergan’s now predicting $15 billion to $15.3 billion in revenues for the year, he said Monday at the J.P. Morgan Healthcare Conference. As for non-GAAP earnings per share, Saunders pegged it as at least $15.25. But “if Restasis comes later, that floor goes higher,” he told investors.
One other factor going into that EPS figure? A non-GAAP effective tax rate of no more than 15%, thanks to new U.S. tax reform laws.
The preliminary guidance marks an update on the scenarios Saunders outlined on Allergan’s third-quarter conference call in November, just a couple of weeks after a court decision paved the way for copies of the dry eye blockbuster. The new EPS estimate is 25 cents per share higher than the most conservative projection he offered up at the time, which were based on knockoffs arriving this month.
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