Stock Update: Allergan Inc (NYSE:AGN) – Allergan Announces FDA Approval of Supplemental New Drug Application (sNDA) for AVYCAZ® (ceftazidime and avibactam)

[PR Newswire] – DUBLIN, June 23, 2016 /PRNewswire/ — Allergan plc (AGN), a leading global pharmaceutical company, today announced the U.S. Food and Drug Administration (FDA) has approved the company’s supplemental New Drug Application (sNDA) to update the label for AVYCAZ® (ceftazidime and avibactam) with clinical data from a Phase 3 trial evaluating the safety and efficacy of AVYCAZ, in combination with metronidazole, for the treatment of complicated intra-abdominal infections (cIAI) caused by designated susceptible microorganisms. The approved label also contains data from a subset of patients in this trial with infections due to ceftazidime-nonsusceptible (CAZ-NS) pathogens, as well as a subset who had pathogens producing certain extended-spectrum beta-lactamases (ESBLs). “Complicated intra-abdominal infections represent a major therapeutic challenge for physicians,” said David Nicholson, Ph.D., Chief R&D Officer, Allergan. Read more on this. Allergan plc (AGN) , with a current market cap of $91.16B, opened this morning at $230.94. Looking at the equity, the company’s one day range is $228.07 to $231.26 with a one year range of $195.50 to $340.34. AGN shares are currently priced at 16.06x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 0.52x earnings multiple for the same period. And for those looking to make a return holding the stock, the company pays shareholders $0.20 per share annually in dividends, yielding 0.10%. According to a consensus of 14 analysts, the earnings estimate of $3.38 per share would be $1.03 worse than the year-ago quarter and a $0.07 sequential decrease. The full-year EPS estimate is $14.23 which would be a $0.80 improvement than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $4.11 Billion. If realized, that would be a 28.27% decrease over the year-ago quarter. In terms of ratings, Guggenheim Initiated AGN at Neutral (Apr 18, 2016). Previously, Piper Jaffray downgraded AGN from Overweight to Neutral. Investors should keep in mind is that the average price target is $292.63, which is 26.71% above where the stock opened this morning. See more in (NYSE:AGN) Similar Articles: Stock Update (NYSE:AGN): Allergan Receives Complete Response Letter from FDA for Prior Approval Supplement for RESTASIS® (Cyclosporine Ophthalmic Emulsion) 0.05% Multi-Dose Preservative-Free Bottle Stock Update: Allergan Inc (NYSE:AGN) – Exclusive: Teva set to win EU okay for $40.5 billion Allergan deal – sources Stock Update (NYSE:AGN): Allergan Announces FDA Approval of ACZONE® (dapsone) Gel, 7.5% for Treatment of Acne Vulgaris