Allergan Posts a Profit Rise

Allergan(AGN) surpassed second-quarter expectations and raised full-year guidance Wednesday.

The eye-care products company reported earning $137.8 million, or 45 cents a share, in the second quarter, compared with $74.2 million, or 24 cents a share, in the 2006 quarter.

The Irvine, Calif. company's adjusted earnings were $166 million, or 54 cents a share, compared with $131 million, or 43 cents a share, in 2006.

Revenue came in at $988 million, beating the expectations of analysts surveyed by Thomson Financial who were expecting 51 cents a share for the quarter on revenue of $923 million.

Net sales increased 21% year over year to $972.8 million. Specialty pharmaceutical sales increased 16% (or 14% at a constant currency), including eye-care pharmaceuticals sales that increased to $431 million from $379 million and Botox/neuromodulator sales that increased to $307.4 million from $248 million in 2006.

Core medical devices sales increased 54% (or 50% at a constant currency), year over year. Breast aesthetics sales increased to $78.9 million from $64.6 million, obesity intervention sales were $68.9 million vs. $45.8 million, and facial aesthetics sales rose to $49.3 million from $17.9 million in the year-ago quarter.

"Our significant investments in direct to consumer advertising and sales force, in the rapidly expanding medical aesthetics and obesity invention markets, are driving strong sales growth and operating results," CEO David Pyott said.