The Dublin-based drugmaker improved on most financial metrics during 2019.
Allergan PLC reduced its operating loss by nearly 29% in 2019, according to the company's latest earnings report released Monday morning.
Allergan's operating loss for the year shrunk from $6.2 billion to $4.4 billion, while its total net revenues inched up 1.9% to just over $16 billion.
The Dublin-based drugmaker improved on most financial metrics during 2019, though its adjusted EBITDA fell 2.4% to $7.7 billion. Additionally, Allergan's operating income fell to $7.3 billion for 2019, down 3.2% year-over-year.
The company released the results as it continues to seek final approvals for its $63 billion of AbbVie, which is expected to close at the end of Q1 2020.
"I am proud of Allergan's colleagues who achieved many important milestones in 2019 that will make a difference to patients for years to come," Brent Saunders, CEO of Allergan, said in a statement. "Our colleagues also grew our core business by 7.1 percent in 2019 and by 11.0 percent in the fourth quarter (excluding exchange), creating strong momentum for 2020 and our proposed combination with AbbVie."
Allergan stock was trading up more than 1.3% during the early morning session Monday.
For Q4 2019, Allergan showed marked improvement compared to Q4 2018.
The drugmaker cut its operating loss to $276 million, a reduction of about 95% year-over-year. Additionally, the company's diluted earnings per share (EPS) improved by 92% compared to this time last year.
During the quarter, Allergan posted total net revenues of $4.3 billion, up 6.6%, and an operating income of just over $2 billion, up 8.4%.
One pre-tax charge on Allergan's quarterly results was $302.5 million related to settlements with direct and indirect purchasers of LOESTRIN® and MINASTRIN®.
For complete financial information, review Allergan's filing with the Securities and Exchange Commission.
Jack O'Brien is the finance editor at HealthLeaders, a Simplify Compliance brand.