After reviewing announcement of their results, it seems that investors are undervaluing AGN, IMO. It was a high quality quarter, showing that AGN can grow EPS by 18% year over year, an excellent result in today's pharma universe. MRK would kill for these results!! Sales grew 23%, ex currency!
Botox sales of $175 MM were up 25% YOY and above expectations. The recent approval for hyperhidrosis is helping too. The growth in the Botox franchise is steaming ahead and AGN continues to push additional therapeutic indications such as headache, overactive bladder and postherpetic neuralgia.
Alphagain sales were above forecast as generic alphagen is having a minimal impact on Alphagan P sales. AGN raised guidance for Alphagan from $215-225MM to $245-$265MM for the full year.
Restasis upside was helped by the DTC campaign in the US that began in late August.
AGN said it was starting Phase I studies for its PPI product for GERD and alpha agonist for neuropathic pain.
After these results, stock should be up much more than the $1.75 it has regained since the announcement. At $88, stock would be trading at 27 times 05 estimates, a reasonable level.
i work on the eyecare side and what the previous poster said about gsk and allergan is correct. I will also tell you there are two things that will come out on the eyecare side in the next year or two that will be blockbuster's. Posurdex and memantine. both products will revolutionize the ophthalmology market.
The transaction with GSK yielded a double benefit. We were operating at a sub-scale level in Japan and China. GSK should be in a position to sell more BOTOX� than Allergan in those markets and will invest more aggressively in new BOTOX� clinical indications. In the United States, the financial contribution from GSK has permitted us to double our neurosciences sales force. It will also enable us to gain an in-depth understanding of the headache/migraine market, as we embark on our Phase III clinical development program for BOTOX� in this indication.
Since GSK is selling botox in the CNS marketplace, do you think they will sell Botox to Urologists?