Investors hit shares of Irvine-based Allergan Inc. Wednesday after sales of the drug maker’s flagship Botox wrinkle-reducing drug missed analysts’ forecasts and the company warned its second-quarter earnings might fall a bit below estimates.
Allergan’s stock was trading down 4% to $70.3 in midday trading.
The company said sales of Botox were $176 million in the first quarter, about $10 million short of analysts’ projections. Net income was $80 million on total sales of $527 million in the period.
Allergan said it now expects to post net income of $97 million to $99 million in the second quarter. Analysts were expecting profit of at least $99 million in the quarter.
For 2005, the company said it would earn $423 million to $430 million, up from an earlier forecast.
