Orange County Business Journal

Allergan Beats Forecasts, Boosts Outlook

Vita Reed Wednesday, May 4, 2011

Irvine drug maker Allergan Inc. on Wednesday reported first-quarter results that surpassed expectations and upped its full-year profit outlook.

Allergan, which makes wrinkle-smoother Botox and other drugs, said it earned $239.3 million before various accounting charges during the quarter, up 18% from a year earlier.

Analysts expected Allergan to make $230 million in the first quarter.

Including charges, Allergan’s first-quarter profit came in at $158 million.

The drug maker’s first-quarter revenue totaled $1.27 billion, up 10% and slightly above analysts’ projection of $1.22 billion.

Botox first-quarter sales were up 10% to $365 million, while eye care, Allergan’s historical core business, was up 16% to $592 million in the quarter.

Allergan also offered forecasts for the current quarter and 2011.

For the second quarter, the drug maker said it saw profit coming in at $289 million to $295.3 million, surpassing Wall Street’s forecast of $285.9 million.

Allergan said it saw second-quarter product sales (which are slightly less than total sales) of $1.31 billion to $1.36 billion, compared to analysts' expectation of $1.31 billion.

For 2011, Allergan said it could see a profit of $1.106 billion to $1.125 billion, up from a previous forecast of $1.1 billion to $1.119 billion.

Wall Street expects Allergan’s 2011 profit to come in at $1.121 billion.

The drug maker said it sees full-year product sales of $5.05 billion to $5.25 billion, compared to analysts’ expectations of $5.21 billion.