Irvine-based Allergan Inc. said Wednesday that its third-quarter net income fell because of restructuring expenses and costs related to its $3.2 billion buy of Inamed Corp.
But it was the drug maker’s operating profit that sent Allergan’s shares down 3% in late-morning trading, after it missed Wall Street expectations.
Allergan posted an operational profit of $143.3 million, excluding onetime charges related to the Inamed buy. Wall Street was looking for earnings of $148.5 million.
Net income came in at $106.4 million, versus $150.5 million a year ago.
The company posted sales of $806.8 million, up from $611.5 million last year and above expectations. Wall Street forecasted sales of $784.1 million.
Breast implant sales were up 4% to $54.1 million, Allergan said. That number was below what analysts expected. Allergan gained breast implants, skin fillers and anti-obesity treatments through the Inamed deal.
The drug maker revised its full-year forecast. Allergan said it expects 2006 profit of $547.4 million to $551.9 million, including stock options expensing. It previously forecasted $536.6 million to $545.5 million.
The company tempered its view on sales. It now expects sales of $2.97 billion to $3.01 billion. Allergan’s previous view was for sales of $2.87 billion to $3 billion.
Analysts had expected Allergan to earn $550.4 million for 2006. Sales were forecasted at $3.01 billion.
