Allergan Inc. on Wednesday reported first-quarter results that were weighed down by charges from its buy of Inamed Corp. and lowered its outlook for the current quarter, the first full one with Inamed in the fold.
The news sent Allergan’s shares down nearly 3% Wednesday.
Allegan’s operating income rose 7.3% to $152 million, excluding a $568 million research and development charge from Inamed.
Santa Barbara-based Inamed, a maker of skin products, breast implants and an obesity treatment, was bought by Allergan for $3.2 billion at the end of March.
Allergan, which makes eye and skin drugs, swung to a net loss of $445 million in the first quarter from an $80 million profit in last year’s quarter. Without Inamed charges, Allergan’s profit was up 30% to $114.6 million.
Quarterly sales were up 17% to $615.2 million, excluding about a week’s worth of sales from Inamed.
Inamed added $99.2 million of revenue during the quarter.
Analysts expected Allergan to post sales of $616.5 million in the quarter.
For the current quarter, Allergan said it could earn $110 million to $112 million on revenue of $750 million to $770 million
Both figures disappointed Wall Street. Analysts had expected Allergan to earn $119 million on sales of $758 million in the second quarter.
Allergan boosted its outlook for all of 2006.
The drug maker said it now expects to make $477 million to $485 million on sales of $2.8 billion to $3 billion.
Previously, Allergan said it saw its 2006 profit coming in at about $483 million on sales of between $2.8 billion and $2.9 billion.
