Irvine drug maker Allergan Inc. on Monday posted a fourth-quarter profit versus a loss a year earlier but warned net income for 2005 could come in below what analysts were expecting.
For the year, Allergan said it sees profits of about $410 million, down from the $424 million analysts were expecting. That drove the company’s shares down in early trading Monday.
Allergan reported net income of $112.5 million for the fourth quarter, compared with a loss of $90.8 million a year earlier due to charges for debt expenses and acquisition costs.
Sales for the quarter rose 16% to $556 million, helped by flagship Botox and gains in sales of eye drugs.
In the fourth quarter, Botox sales rose 28% to $203 million, making up 36% of total sales.
Therapeutic sales, or uses of Botox other than to reduce wrinkles, made up 58% of the drug’s revenue last year. Cosmetic sales grew by about 30% for the year.
In 2005, Allergan said it projects Botox sales of $800 million to $840 million. Alphagan, a key eye drug, could see sales of $235 million to $255 million, the company said.
The company’s lower profit forecast for the year includes a charge for conversion of debt but not the effect of expensing stock options, which Allergan said it plans to implement in the third quarter.
