Allergan plc (AGN) shares jumped nearly 2 percent on Tuesday morning. The pharmaceutical company recently projected its revenue for 2018 that missed consensus forecast. The drugmaker also revealed its plan of selling its remaining shares in Teva this year.
The Dublin, Ireland-based company forecasted revenue in a range of $15.0 billion and $15.3 billion for the FY 2018. Analysts surveyed by Thomson Reuters I/B/E/S were looking for $15.61 billion in revenue.
Speaking at the JPMorgan Healthcare Conference in San Francisco, Allergan’s CEO Brent Saunders said the company’s stock price doesn’t reflect its true value. While praising the company’s core business, he said that AGN’s GI products led by Vraylar could hit $1 billion in revenues, and its eye care segment is still capable of generating $2 billion in revenues, even without Restasis in an exclusive spot.
Allergan shares haven’t performed so well in the recent past, as the stock fell more than 22 percent over the past year. The 52-week range of the stock is $160.07-$256.80, while the company’s market cap is $56.73 billion.