Allergan 2Q Net Income Rises 36 Percent

From Associated Press (August 2, 2010)


IRVINE, Calif. -- Botox maker Allergan Inc. said Monday its second-quarter net income rose 36 percent on higher sales of the wrinkle treatment and eye care products.

The company earned $240.1 million, or 78 cents per share, up from $176.1 million, or 58 cents per share, during the same period a year prior. Revenue rose 10 percent to $1.25 billion from $1.13 billion.

Excluding charges, the company earned 85 cents per share. Analysts polled by Thomson Reuters expected net income of 81 cents per share on $1.2 billion in revenue.

Sales of eye care products rose 9.8 percent to $577.8 million while Botox sales rose 7 percent to $360.5 million and skin care product sales surged 40 percent to $59.3 million. Urologic sales fell 3.1 percent to $15.6 million.

Medical device sales, which include breast implants and obesity treatments, rose 10.6 percent to $218.5 million.

Looking ahead, the company expects third-quarter adjusted income between 75 cents and 77 cents per share on sales between $1.13 billion and $1.18 billion. Analysts expect net income of 79 cents per share on revenue of $1.19 billion.

For 2010, Allergan still expects adjusted income between $3.11 and $3.15 per share on sales between $4.62 billion and $4.75 billion. Analysts expect 2010 net income of about $3.16 per share on $4.77 billion in revenue.

Shares of Allergan rose $3.94, or 6.4 percent, to $65 in morning trading.

 

Posted: August 2010


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