Allergan Q2 Profit Rises, Bumps OutlookWednesday, August 3, 2011
Irvine-based Allergan Inc. on Wednesday reported a second-quarter profit that beat expectations and raised its full-year outlook.
The maker of Botox and other drugs said it earned $297.9 million before items during the quarter, up 13% from a year earlier.
Analysts expected Allergan’s second-quarter profit to be $294.8 million.
Including items, Allergan’s quarterly profit totaled $246.6 million, up 3% from a year ago.
Revenue came in at $1.42 billion, up 14% from a year earlier and topping analysts’ expectations of $1.34 billion.
Allergan’s revenue growth was fueled by flagship Botox, which saw its sales jump 16% to $418 million. Botox, which is sold for cosmetic and therapeutic uses, got Food and Drug Administration approval last October for migraine headaches, a use that analysts have said should eventually add up to $500 million in sales for the drug.
Allergan also raised its 2011 outlook.
The company could see profits of $1.113 billion to $1.127 billion, up from an earlier estimate of $1.104 billion to $1.123 billion.
Analysts are looking for Allergan’s full-year profit to be $1.129 billion.
Allergan said it now expects revenue of $5.22 billion to $5.37 billion, up from a previous forecast of $5.05 billion to $5.25 billion.
Wall Street expects Allergan’s full-year revenue to be $5.31 billion.