Irvine’s Allergan Inc. on Wednesday reported second-quarter earnings that beat expectations after charges and raised its profit forecast for the year.
Excluding restructuring costs, Allergan reported profit of $102 million, up 24% from a year ago. Analysts were expecting $98 million in profits after charges.
Net income for the quarter was off by 64% from a year ago due to charges related to the end of a manufacturing pact with Santa Ana’s Advanced Medical Optics Inc., which spun off from Allergan in 2002, and changes to its research and development and European operations.
Sales for the quarter rose 17% to $591 million. Allergan makes eye and skin drugs, including wrinkle-reducer Botox.
The company upped its full-year forecast for adjusted earnings to as much as $421 million, up from an earlier outlook of about $415 million.
The drug maker’s shares were up 5.8% in trading Wednesday.
