Multi-specialty health care company Allergan, Inc. (AGN) on Thursday reported a 6 percent increase in profit for the fourth quarter on higher sales of its products, including anti-wrinkle treatment Botox. Both adjusted earnings and revenue matched analysts' expectations.
Looking ahead, the company forecast earnings for the first quarter as well as earnings and revenue for fiscal year 2012 below analysts' estimates.
The Irvine, California-based company's net earnings for the fourth quarter were $279.8 million or $0.90 per share, up from $263.1 million or $0.85 per share a year ago.
Excluding items, adjusted earnings per share grew 14 percent to $1.00 from $0.88 in the year-ago period. On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $1.00 per share. Analysts' estimates typically exclude special items.
Revenues for the quarter increased 6.9 percent to $1.40 billion from $1.31 billion in the same period last year. Analysts had a consensus estimate of $1.40 billion.
Allergan's total product net sales increased 7.2 percent, or 8.2 percent on a constant currency basis, from the year-ago quarter to $1.38 billion.
Specialty pharmaceuticals net sales increased 8.9 percent, or 10.1 percent on a constant currency basis, while medical devices net sales declined 1.0 percent, or 0.4 percent on a constant currency basis from last year.
During the fourth quarter, sales of anti-wrinkle treatment Botox increased 7.5 percent from the prior-year period to $415.3 million, while sales of facial aesthetics rose 12.4 percent to $90.9 million.
For fiscal year 2011, Allergan's net earnings rose to $934.5 million or $3.01 per share from $0.6 million or breakeven per share in the prior year.
Adjusted earnings per share rose to $3.65 from $3.16 in the previous year. Analysts expected earnings of $3.64 per share.
Revenues for the year grew to $5.42 billion from $4.92 billion last year. Analysts had a consensus estimate of $5.42 billion. Looking ahead to the first quarter of 2012, Allergan forecasts adjusted earnings per share in a range of $0.84 to $0.86 and product net sales between $1.34 billion and $1.39 billion. Analysts expect the company to earn $0.91 per share on revenues of $1.37 billion.
For fiscal 2012, Allergan forecasts adjusted earnings per share in a range of $4.13 to $4.19 per share and total product net sales between $5.65 billion and $5.85 billion. Analysts expect the company to earn $4.21 per share for the year on revenues of $5.89 billion.
Allergan also said that its board of directors has declared a fourth-quarter dividend of $0.05 per share, payable on March 16, 2012 to stockholders of record on February 24, 2012.
In Thursday's regular session, AGN is trading at $85.84, down $1.45 or 1.66 percent on a volume of 580,233 shares.
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