CALIFORNIA: Allergan Inc.’s first-quarter profit grew 45 percent on greater sales of Botox and eye-care products, the drug-maker said Wednesday.
However, its shares fell after the company offered a somewhat disappointing second-quarter forecast.
The company said its profit rose to $229.8 million, or 74 cents per share, from $158.3 million, or 51 cents per share, one year ago. Excluding one-time costs, Allergan said it earned 86 cents per share in the latest quarter. Its revenue grew 9 percent, to $1.39 billion from $1.27 billion.
Analysts were forecasting a profit of 87 cents per share on $1.38 billion in revenue
A year ago, Allergan’s results were weighed down by several one-time items, including a $60 million payment to MAP Pharmaceuticals as the companies began collaborating on an inhaled migraine treatment called Levadex.
Allergan said its eye-care revenue grew 10 percent to $652.5 million in the first quarter. Sales of Botox and neuromodulation products rose 9 percent to $398.8 million. Its total specialty drug sales rose 11 percent while its medical device revenue edged up 1 percent.
Allergan forecast a profit of $1.04 to $1.06 per share in the second quarter, and said product sales would be between $1.45 billion and $1.5 billion. Analysts were calling for income of $1.08 per share and $1.51 billion in revenue on average.
The company backed its 2012 outlook, saying it expects an adjusted profit of $4.13 and $4.19 per share on $5.65 billion to $5.85 billion in revenue. Analysts are projecting a profit of $4.19 per share and $5.86 billion in revenue.
Shares of Allergan lost $5.62, or 5.9 percent, to $90.77 in morning trading. (AP)