Allergan Fourth Quarter Profit Grows 51% as Sales Climb
IRVINE, Calif. (AP) — Botox maker Allergan Inc. said Thursday its profit jumped 51 percent in the fourth quarter, but its forecasts for 2010 trended below Wall Street estimates.
In the fourth quarter, Allergan said its profit grew to $221.5 million, or 72 cents per share, from $146.6 million, or 48 cents per share. Excluding one-time items the company said it earned 78 cents per share.
Revenue rose 16 percent, to $1.22 billion from $1.06 billion.
Analysts expected a profit of 77 cents per share and $1.16 billion in revenue, according to Thomson Reuters.
The company said drug revenue grew 18 percent and medical device sales rose 8 percent.
For the full year, Allergan's profit climbed to $621.3 million, or $2.03 per share, from $223.4 million, or $1.84 per share. Revenue rose to $4.5 billion from $4.4 billion.
For 2010, Allergan forecast an adjusted profit of $3.09 to $3.15 per share and $4.55 billion to $4.75 billion in sales.
Analysts expected earnings of $3.15 per share — at the high end of the company's forecast — on higher revenue of $4.78 billion.
The company's forecast includes $3.78 billion to $3.93 billion in specialty drug sales and $770 million to $820 million in medical device revenue. The company is expecting $1.33 billion to $1.37 billion in Botox revenue.
For the first quarter, Allergan is calling for a profit of 57 cents to 59 cents per share on $1.06 billion to $1.1 billion in revenue. Analysts estimated 68 cents per share and $1.11 billion in revenue.