Allergan Lowers Forecast, Shares DownWednesday, October 26, 2011
Irvine-based drug maker Allergan Inc. forecast current-quarter profit and full-year sales today, with both below Wall Street expectations.
Investors sent Allergan’s shares down 3.7% Wednesday, to a market value of about $25.6 billion, on the report.
The maker of Botox and other drugs said that it could see a profit of $300.5 million to $306.7 million in the fourth quarter.
Analysts had forecast a fourth-quarter profit of $312.9 million.
Allergan said it expects full-year net product sales (which are slightly lower than total sales) to come in at $5.37 billion.
Wall Street had expectations of $5.42 billion.
Allergan earned $285 million excluding special items in the third quarter, beating Wall Street’s projections of $278.8 million.
Third-quarter sales were up 10% to $1.31 billion, below analyst expectations of $1.33 billion.
Allergan said that third-quarter sales in most of its product categories, including Botox, eye drugs, breast implants and skin fillers, were up. Sales of its Lap-Band weight-loss device fell 16%.
For more information, see the Oct. 31 edition of the Business Journal.