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Allergan, anticipating generic competition for Restasis and loss of exclusivity of other products, is taking steps to strengthen its balance sheet.
Net revenues for the company's third quarter were down 3%, which was "driven primarily by loss of exclusivity of some brands," Allergan CEO Brent Saunders said in a press release.
Patents for Restasis (cyclosporine ophthalmic emulsion 0.05%), the company's popular dry eye treatment, are due to begin expiring in 2024, and a controversial deal between the company and a Native American tribe to protect them longer was found to be invalid by a federal court.
Net revenues for Restasis decreased 18.8% for the third quarter from $366.8 million to $298 million, while total revenues declined 3% to $3.91 billion.
"Total sales growth was impacted by products facing loss of exclusivity, as well as Restasis sales decline ahead of anticipated generic competition" Allergan Chief Commercial Officer Bill Meury said in a...