(Reuters) – Allergan Plc on Tuesday reported a better-than-expected profit on strong demand, and the company said its migraine treatment met the main goals in a late-stage study.
Allergan’s shares were up 1.2 percent at $167.00 before the bell.
The drugmaker said patients on its treatment were relieved of pain after two hours, and did not experience migraine symptoms compared to a placebo, meeting the main goals of the first of two late-stage studies.
The company’s net profit attributable to shareholders was $3.05 billion, or $8.88 per share, in the fourth quarter ended Dec. 31, compared with a loss of $70.2 million, or $0.20 per share, a year earlier.
Allergan recorded a gain of about $2.8 billion related to recent changes to the U.S. tax law, helping the company report a profit after six straight quarters of loss.
Excluding items, the company earned $4.86 per share, beating the average analyst estimate of $4.74, according to Thomson Reuters I/B/E/S.
Allergan’s net revenue rose to $4.33 billion from $3.86 billion, and beat analysts’ estimates of $4.28 billion.
Sales of Allergan’s Botox increased to $864.3 million from $739.3 million.
Reporting by Manas Mishra in Bengaluru; Editing by Maju Samuel