Irvine-based Allergan Inc. reported higher third-quarter profits that met Wall Street expectations but said it sees fourth-quarter profit coming in just below what analysts had expected.
For the third quarter, Allergan, which makes eye and skin drugs as well as medical cosmetic products, reported a profit of $179 million, up 23% from a year earlier.
Sales rose 23% to $994 million, easily beating Wall Street’s expected $960 million.
Sales of eye and skin drugs, including wrinkle remover Botox, lead the gain. They were helped by global sales that benefited from the weak value of the dollar versus other currencies.
Drug sales rose 16% to $784 million, and by a more modest 3% when adjusted for currency.
Sales of breast implants, an obesity treatment and skin smoothers acquired in 2006’s $3.2 billion buy of Santa Barbara-based Inamed Corp. rose 66% to $193 million, also a 3% gain after being adjusted for currency.
Chief Executive David Pyott called it an “another quarter of superb sales and earnings growth.”
For the current quarter, Allergan said it sees sales of $975 million to $1 billion. Analysts on average expect $981 million in sales.
The company forecasts profits of $172 million to $175.6 million, versus Wall Street’s expected $178.6 million.
Investors shook off the tempered profit outlook with Allergan’s shares flat in midday New York trading with a market value of about $21 billion, making it the county’s most valuable company on Wall Street.
