Allergan 1st-quarter profit rises on sales boost
Botox maker Allergan Inc. said Friday its first-quarter profit more than tripled on higher sales of the wrinkle treatment and eye care products.
The company earned $167.9 million, or 55 cents per share, from $44.7 million, or 15 cents per share. Excluding restructuring charges, amortization costs and other one-time items, the company said it earned 65 cents per share.
Revenue rose 15 percent to $1.15 billion from $1.01 billion.
Analysts polled by Thomson Reuters expected 60 cents in profit on $1.11 billion in revenue.
Sales of eye care products rose 8.1 percent to $512 million while Botox sales rose 11 percent to $331 million and skin care product sales rose 32 percent to $50.6 million. That was partially offset by weaker sales of urologics, which fell 23 percent to $13.7 million.
Medical device sales, which include breast implants and obesity treatments, rose 18 percent to $198.5 million.
Looking ahead, the company expects second-quarter adjusted profit between 79 cents and 81 cents per share on sales between $1.19 billion and $1.23 billion. Analysts expect profit of 79 cents per share on revenue of $1.2 billion.
For 2010, Allergan now expects adjusted profit between $3.11 and $3.15 per share, up from prior guidance of $3.09 to $3.15 per share. The company previously said it expects between $4.55 billion to $4.75 billion in sales.
Analysts expect 2010 profit of about $3.14 per share on $4.78 billion in revenue.
Shares of Allergan rose $1.54, or 2.5 percent, to $63.52 in morning trading.