Skip to main content

Shares of


(AGN) - Get Allergan plc Report

edged up Monday after the company said third-quarter earnings matched analysts' expectations and revenue exceeded the Wall Street consensus.

The company, which specializes in eye care drugs and skin care products such as Botox, also issued fourth-quarter earnings guidance that was in line with analysts' predictions.

Scroll to Continue

TheStreet Recommends

Allergan's stock gained 94 cents, or 1.3%, to $72.50.

Excluding one-time items, Allergan reported adjusted earnings of 67 cents for the quarter ended Sept. 24, up from 57 cents for the same period last year. The consensus of analysts polled by Thomson First Call predicted 67 cents for the third quarter.

On a GAAP basis, the Irvine, Calif.-based company earned $92 million, or 70 cents a share, on revenue of $510.8 million. Thomson First Call's consensus was predicting revenue of $497.2 million.

For the same period last year, Allergan earned $76 million, or 57 cents a share, on revenue of $443.3 million on a GAAP basis.

For the fourth quarter, Allergan predicted its adjusted earnings would be between 83 cents and 84 cents; the analyst consensus is 83 cents.

The company reiterated that it plans to work with the Food and Drug Administration to see what it must do to secure approval for an oral version of tazarotene as a treatment for moderate to severe psoriasis. The agency rejected the company's application Sept. 27. An FDA advisory committee recommended against approval in July, saying the company should conduct more tests to address questions about the drug's potential to cause birth defects. Allergan markets tazarotene as a prescription skin cream and gel called Tazorac as a treatment for psoriasis and for acne.