Allergan Updates 2018 Outlook; Board Authorizes $2.0 Bln Share Buyback

(RTTNews) - Allergan plc (AGN) announced it has raised and narrowed its 2018 non-GAAP net revenue and non-GAAP performance net income per share guidance. Non-GAAP income per share is now expected to be $16.00 - $16.50 (prior guidance of $15.65 - $16.25), and non-GAAP net revenue is targeted to be in the range of $15.450 - $15.600 billion (prior guidance of $15.150 - $15.350 billion).

For the second-quarter, non-GAAP performance net income per share was $4.42 compared to $4.02. Non-GAAP revenues were $4.10 billion compared to $4.01 billion, last year.

The company announced its Board has authorized a new $2.0 billion share repurchase program as part of the company's capital allocation strategy. Allergan expects to deploy the program over the next 12 months. The company completed the $2 billion share repurchase that was previously authorized by the board in September 2017.

Allergan reaffirmed its commitment to maintaining investment grade credit ratings and achieving a net debt to adjusted EBITDA ratio of less than 2.5X by the end of 2020.