January 8, 2018 / 10:35 PM / 11 days ago

Allergan forecasts 2018 revenue below estimates

(Reuters) - Allergan Plc (AGN.N) on Monday forecast 2018 revenue below analysts’ estimates, hurt by loss of market exclusivity of its products and said it plans to sell its remaining stake in Teva this year.

The company also said in a filing that it would record a tax benefit of $3.5 billion to $4 billion related to the U.S. tax reform in the fourth quarter. (bit.ly/2meqQGB)

Shares of the drugmaker were marginally up 0.6 percent at $171.50 in after-market trading.

Allergan said it expects total net revenue of $15.0 billion-$15.3 billion for full-year 2018, compared to analysts’ estimates of $15.61 billion, according to Thomson Reuters I/B/E/S.

The Botox-maker had said in November that it would sell under a quarter of its 10 percent stake in Teva during the first quarter of 2018.

    Allergan also said it does not expect any generic copies of its eye drug Restasis before the second quarter of 2018.

    The company provided the updates at the J.P. Morgan Healthcare Conference in San Francisco.

    Reporting by Manas Mishra in Bengaluru; Editing by Shounak Dasgupta

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