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Allergan posts strong sales in quarter, raises outlook

November 01, 2010|Reuters

Allergan Inc. reported higher-than-expected quarterly sales of eye-care drugs and breast implants and raised its full-year outlook on Monday.

Third-quarter sales of eye-care pharmaceuticals including Lumigan for glaucoma and Restasis for dry eye came in stronger than analysts were expecting, as did breast implant sales, while sales of the Botox anti-wrinkle drug met analysts' views forecasts.

The Irvine company, whose quarterly profit also was in line, boosted its full-year 2010 earnings outlook to $3.14 to $3.16 a share. In August, Allergan forecast full-year earnings of $3.11 to $3.15 a share.

It also raised its full-year sales outlook to $4.75 billion to $4.8 billion from its previous forecast of $4.62 billion to $4.75 billion.

Allergan shares, which are trading near all-time highs after the company in October received an expanded indication for Botox to treat migraine headache, closed up $1.44 at $73.85 after the earnings news.

Allergan had reported a third-quarter net loss of $670.5 million, or $2.21 a share, compared with a profit of $239.2 million, or 58 cents, a year earlier.

Excluding special items, Allergan said it earned 78 cents a share, up from 70 cents a share a year earlier.

Sales rose 5.7% to $1.19 billion.

Analysts on average had expected the company to report earnings of 78 cents a share on sales of $1.18 billion, according to Thomson Reuters.

Eye-care pharmaceuticals sales rose 6.3% to $568.8 million in the quarter. Botox sales were up 4.2% to $341.7 million. Breast implant sales increased 8.6% to $74.9 million.

Sales of obesity interventions including the Lap-Band surgical treatment fell 8.1% to $59.3 billion.

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