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AGN Posts Solid 2Q11 Results, Raises EPS Guidance

[Botox sales grew 16% YoY in dollars and 12% in local currencies to a $1.7B annualized rate. AGN raised full-year 2011 non-GAAP EPS guidance to $3.59-3.63 (up from $3.56-3.62). The company’s own 2Q11 PR is at http://finance.yahoo.com/news/Allergan-Reports-Second-bw-599082946.html?x=0&.v=1 .]

http://www.reuters.com/article/2011/08/03/allergan-idUSN1E7711U120110803

›Wed Aug 3, 2011 10:12am EDT
By Ransdell Pierson

NEW YORK, Aug 3 (Reuters) - Allergan Inc (AGN) reported higher second-quarter earnings on strong demand for its medical devices, prescription eye drugs, and Botox treatment for wrinkles and migraine headaches.

The company said on Wednesday that net income rose to $249 million, or 79 cents per share, from $241 million, or 78 cents per share, a year earlier. Excluding special items, earnings were 96 cents per share. Analysts on average expected 95 cents, according to Thomson Reuters I/B/E/S.

Sales rose almost 14 percent to $1.40 billion, topping Wall Street forecasts of $1.34 billion. They would have increased 9.6 percent if not for the weaker dollar, which drives up the value of sales in overseas markets.

Botox sales rose 16 percent to $418 million, helped by the product's recent approval to treat migraines and a somewhat stronger economy that has enabled more patients to pay out of pocket for cosmetic uses.

Prescription eye medicines, by far the company's biggest business, rose 14 percent to $658 million.

Sales of medical devices rose 12 percent to $245 million, fueled by demand for breast implants and dermal fillers. But sales of the company's Lap Band product, to treat obesity, continued to decline.

Allergan nudged up its full-year profit forecast to between $3.59 and $3.63 per share, excluding special items. It had previously expected $3.56 to $3.62.

Allergan shares were up 1 percent at $78.16 in morning trading on the New York Stock Exchange.‹