Allergan plc’s AGN shares were up in pre-market trading following the release of the company’s first-quarter 2016 results and a share buyback announcement. First-quarter 2016 earnings came in at $3.04 per share, easily surpassing the Zacks Consensus Estimate of $2.99 and 15% above the year-ago period. Revenues, however, missed expectations. Revenues came in at $3.79 billion, up 48% from the year-ago period, falling short of the Zacks Consensus Estimate of $3.96 billion. Quarterly Details Allergan has been treating its Global Generics business as discontinued operations from the third quarter of 2015 following its agreement to divest the business to Teva Pharmaceutical Industries Ltd. TEVA. Branded product revenues were $3.4 billion, up 70% from the year-ago period. Products like Botox and Restasis brought in sales of $638 million and $314 million, respectively, with Botox seeing strong growth in both the aesthetic and therapeutic settings and Restasis benefiting from continued promotional efforts. While Namenda IR sales plunged 97.6% to $5.8 million, Namenda XR sales came in at $173 million. The company started facing generic competition for Namenda IR from Jul 2015. U.S. Brands revenues climbed 27% to $2.3 billion in the first quarter of 2016 with growth being driven by Allergan legacy products like Botox, Restasis, Lumigan/Ganfort and Combigan, and strong growth from Namenda XR, Linzess, LoLoestrin, Estrace Cream, Minastrin 24 and new product launches like Avycaz, Dalvance and Liletta. U.S. Medical Aesthetics revenues came in at $450 million driven by strong growth in Botox and fillers like Juvederm. International Brands revenues were $673 million in the reported quarter compared with $119 million in the year-ago quarter. Growth was driven by Allergan products like Botox, Juvederm, and Ozurdex. Anda revenues declined 34.2% during the quarter to $365 million reflecting the loss of Target Corporation business resulting from CVS Health’s acquisition of Target's in store pharmacies. Maintains 2016 Outlook Allergan continues to expect total net revenues from continuing operations of about $17 billion. The Zacks Consensus Estimate for revenues is currently $16.95 billion. Branded net revenues are expected to be approximately $15 billion in 2016. While research and development spend is expected to be about $1.5 billion, selling, general and administrative expenses (as a percentage of net revenue) are expected to be around 25%. Allergan also announced a new share buyback program of up to $10 billion. The buyback will start only after the closing of the Teva deal. Our Take Allergan’s first-quarter results were mixed with the company beating on the bottom-line and narrowly missing revenue estimates. This was the company’s first earnings release following the termination of its merger deal with Pfizer, Inc. PFE. We are encouraged by Allergan’s focus on building its branded and biosimilars pipeline and the decision to divest the generics business should allow the company to focus on its target areas. Allergan plans to restructure and simplify the business once the Global Generics business is divested. Allergan is a Zacks Rank #3 (Hold) stock. Pfizer and Sanofi SNY are better-ranked stocks in the health care sector with a Zacks Rank #2 (Buy). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SANOFI-AVENTIS (SNY): Free Stock Analysis Report PFIZER INC (PFE): Free Stock Analysis Report ALLERGAN PLC (AGN): Free Stock Analysis Report TEVA PHARM ADR (TEVA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research