Allergan reports better-than-expected Q1 2014 results

Allergan has announced its financial results for the first quarter of 2014, during which it was able to exceed its previously-stated business targets.

The firm's total product net sales grew 13 percent year on year to $1.62 billion (958.51 million pounds), while its non-GAAP diluted earnings per share increased by 20.4 percent to $1.18. Bother figures were above the high end of the company's expectations.

During the quarter, Allergan was able to achieve a number of strategically important milestones, including signing a new licence agreement with Medytox and receiving Japanese approval for Glash Vista and Juvederm Vista Ultra.

For the full year, the company expects total product net sales of between $6.78 billion and $7 billion.

David Pyott, Allergan's chairman of the board and chief executive officer, said: "We are pleased with the continuing strength of our growing markets around the world and our market share gains in many businesses."

This comes after the firm received a takeover offer from Valeant Pharmaceuticals last month that values the company at nearly $50 billion. Allergan's board of directors is currently weighing up the pros and cons of such a deal.