Irvine-based Allergan Inc. said Wednesday that its first-quarter profit prior to charges exceeded analysts’ expectations, but its shares fell as much as 5% and closed down 3%, likely on concerns about slowing domestic sales of flagship wrinkle-remover Botox.
Prior to acquisition costs and restructuring charges, the drug maker earned $162.1 million in the quarter.
Analysts expected Allergan to post a profit of $159.1 million.
Allergan’s profit after special items totaled $111.6 million, up more than 150% from 2007’s first quarter.
First-quarter revenue surged 23% to $1.06 billion, in line with Wall Street’s expectations.
But growth lagged the 32% gain in 2007’s fourth quarter.
Overall Botox sales were up 18% to $306 million, although the drug maker said most of that growth came internationally and that sales of Botox and other “elective” prescription drugs were hurt by weakness in the U.S. economy.
On the other hand, quarterly sales in what Allergan calls its medical device segment, including breast implants, grew 23% to $203 million.
Allergan also slightly hiked its earnings forecast for 2008. The drug maker now expects to make $780.1 million to $792.4 million, up from a previous forecast of $777.1 million to $789.3 million.
Wall Street expects Allergan to post a $792.4 million profit this year.
