Allergan announced that the company's board of directors has authorized a new share repurchase program of up to $10 billion of the company's common stock. Allergan expects to execute $4 - $5 billion in open market repurchases over four to six months subject to favorable market conditions. If favorable market conditions persist, they will consider extending the program following completion of the initial portion of the share repurchase program.
The share repurchase program is pending the completion of and receipt of proceeds from the divestiture of Allergan's Global Generics business to Teva, expected to close by the end of June 2016.
Allergan plc revealed strong performance with net revenue from continuing operations increasing 48 percent to $3.8 billion for the quarter ended March 31, 2016, compared to $2.6 billion in the first quarter 2015. The company also reported U.S. Brands net revenue of $2.3 billion for the first quarter 2016 represents a 27 percent increase over $1.8 billion in the first quarter of 2015. Growth was mainly attributed to the acquisition of legacy Allergan products, including Botox, Restasis, Lumigan/Ganfort, and Combigan, and strong growth from Linzess/Constella, Carafate/Sulcrate, Zenpep, Namenda XR, Lo Loestrin, Estrace Cream and Minastrin 24 and new product launches Avycaz, Dalvance and Liletta.
Read the full First Quarter report here