Allergan Inc., the Irvine-based maker of Botox and other drugs, on Wednesday reported mixed fourth-quarter results and issued a cautious outlook for 2011.
Allergan’s adjusted profit came in at $272.9 million, just shy of the $276 million analysts expected on average.
Including onetime items, Allergan earned $263 million in the fourth quarter.
Fourth-quarter sales rose 7% to $1.29 billion, above Wall Street’s expectation of $1.25 billion.
Allergan, which has a history of issuing cautious forecasts and then beating them, said it expected its 2011 adjusted profit to come in at $1.09 billion to $1.1 billion, slightly below the $1.12 billion analysts had been expecting.
The drug maker said full-year product sales (slightly less than total sales) should come in at $5.02 billion to $5.22 billion.
Wall Street had projected full-year sales of $5.2 billion.
In a release, Chief Executive David Pyott said that the company planned to invest in research and development this year “to reload our pipeline.”
Pyott said Allergan also looked forward to marketing new products that it received approval for in 2010.
Allergan’s 2010 product approvals included Botox for migraine headache.
