Irvine-based Allergan Inc. today posted a fourth-quarter profit that just missed analysts’ expectations on revenue that was in line with forecasts.
The maker of Botox and other drugs posted a profit before charges of $350.9 million, below expectations of $360 million. Allergan said in a release that results were affected by delayed recognition of a federal research and development tax credit.
Allergan’s shares were up about 1% to a market value of about $32 billion in early trading.
Allergan’s fourth-quarter net income was $324 million, up 16% from a year earlier.
Allergan’s fourth-quarter product sales (which are slightly less than total sales) of $1.48 billion met analyst expectations.
Fourth-quarter Botox sales rose 14% to $475 million –Allergan attributed the gain primarily to its recent approval as a treatment for migraine headaches. Prescription eye drug sales, Allergan’s largest business, were up 7% to $706 million.
Sales of the Lap-Band weight loss device, which Allergan hopes to sell in the first half of this year, fell 22% to $37 million.
Allergan earned $1.1 billion on revenue of $5.8 billion for all of 2012.
Allergan also offered a forecast for 2013.
The company could see a profit of $1.46 billion to $1.47 billion in 2013, above analysts’ forecast of $1.45 billion.
It expects full-year sales to come in at $5.6 billion to $6 billion, excluding Lap-Band. Wall Street projects Allergan’s revenue at $6.3 billion.