Allergan in Line on Profit; Shares Fall on Q2 ForecastWednesday, May 2, 2012
Irvine-based Allergan Inc. today reported first-quarter results that were in line with Wall Street projections but saw its shares drop after it provided conservative guidance for the current quarter.
The maker of Botox and other drugs forecast a second-quarter profit of $322.1 million to $328.2 million.
Analysts had expected $334.5 million.
Allergan sees revenue coming in between $1.45 billion and $1.5 billion.
Analysts have projected $1.51 billion, on average, for the second quarter.
Allergan’s shares fell as much as 6% in morning trading before recovering.
The company said it earned $266.3 million before items, up 12% from a year ago. Analysts had been forecasting a profit of $269.4 million.
Profits were $229.8 million, up 45% from the year-ago quarter.
First-quarter revenue rose 9% to $1.39 billion, slightly ahead of analyst estimates of $1.38 billion.
The company said that eye-care revenue grew 10% in the first quarter to $652.5 million, while sales of Botox and other neuromodulators were up 9% to $398.8 million.