Allergan Posts Mixed Quarter, Narrows GuidanceOriginally published October 30, 2012 at 10:09 a.m., updated October 30, 2012 at 1:42 p.m.
Allergan Inc., the Irvine-based drug maker, today posted a third-quarter profit that beat expectations on a narrow revenue miss.
Allergan earned $323.6 million in the quarter before one-time charges, up 15% from 2011’s third quarter.
Wall Street expected the maker of Botox and other drugs to post a third-quarter profit of $317.5 million. Analysts’ estimates generally exclude one-time charges.
The drug maker said that its quarterly net income, including charges, dipped slightly to $249.4 million.
That number was affected by a $62.5 million payment to Switzerland’s Molecular Partners AG for drug technology. Allergan and Molecular agreed to expand a partnership for drug development in August.
Revenue rose 6% to $1.41 billion but was affected by foreign currency headwinds and fell slightly short of analysts’ estimates of $1.43 billion.
Allergan also narrowed its guidance for 2012. The drug maker now expects adjusted profit of $1.27 billion to $1.28 billion, compared with its previous estimate of $1.266 billion to $1.28 billion.
It sees its revenue coming in at $5.7 billion to $5.77 billion. Allergan previously expected $5.65 billion to $5.8 billion in 2012 revenue.