DOW JONES NEWSWIRES
Allergan Inc.'s (AGN) fourth-quarter profit increased 19% as
product sales continued to climb, but the company issued a dim
earnings view for the current quarter and year.
Shares were off 1% to $70.58. The stock has lost 4.3% over the
past three months.
For the first quarter, Allergan expects a profit of 71 cents to
73 cents a share on revenue of $1.17 billion to $1.22 billion,
versus analysts' call for 78 cents a share on $1.2 billion. The
company also guided for full-year earnings of $3.54 to $3.60 a
share on revenue of $5.02 billion to $5.22 billion. Analysts
projected $3.63 and $5.2 billion, respectively.
The maker of Botox has seen its top line rise recently as sales
of its medical devices increase and regulatory approvals open up
its treatments to new markets. Last year, the Food and Drug
Administration widened the approved usage of Botox to include the
treatment of migraines.
On Monday, Allergan further expanded its migraine treatment
offerings by agreeing to pay Map Pharmaceuticals Inc. (MAPP) up to
$157 million to access Map's experimental migraine treatment
Levadex, which the companies will jointly promote to U.S.
specialists while sharing profits.
Allergan reported a fourth-quarter profit of $263.1 million, or
85 cents a share, compared with a profit of $221.5 million, or 72
cents, a year earlier. Excluding amortization, tax charges and
other items, earnings rose to 88 cents from 78 cents as total
product sales rose 6.9% to $1.29 billion.
The company had most recently forecast earnings of 86 cents to
88 cents a share on total product sales of $1.22 billion to $1.27
billion.
Specialty pharmaceutical sales--which make up the bulk of
Allergan's revenue--rose 6.9%, while medical-device revenue
increased 7.1% and Botox revenue increased 11%. The gains were
larger after accounting for currency conversion.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com;