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Irvine-based Allergan Inc. today reported fourth-quarter financial results that surpassed expectations and issued a cautious outlook for the current quarter.

The maker of Botox and other drugs posted a fourth-quarter profit excluding non-recurring items of $406.9 million, up 21% from 2012’s fourth quarter and beating analysts’ estimate of $403.9 million.

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Allergan’s fourth-quarter revenue totaled $1.68 billion, 14% higher than the year-ago figure. Wall Street had expected $1.65 billion in revenue.

Allergan said that it could see a profit of $328.5 million to $337.5 million in the current quarter, below consensus expectations of $364.7 million. It said it expected net product sales (which are slightly below total sales) of $1.525 billion to $1.6 billion, compared to analysts’ forecast of $1.6 billion.

The drug maker’s stock was down 1% in midday trading to a market value of about $34 billion.