(AGN) - Get Report

hit first-quarter targets, but said second-quarter earnings might fall a shade below estimates.

The company also raised full-year earnings guidance. However, investors weren't impressed. In early trading Wednesday, Allergan's stock dropped 2.7%.

For the first quarter, the Irvine, Calif., company earned $79.9 million, or 60 cents a share. For the similar period last year, Allergan, which specializes in eye care drugs and Botox, earned $79.4 million, or 59 cents a share, excluding one-time items.

Excluding restructuring charges, Allergan made $101.4 million, or 76 cents a share, in the latest quarter. The Thomson First Call consensus called for a profit of $90 million, or 67 cents a share.

Revenue rose to $527.4 million from $472 million a year ago.

The company predicted that second-quarter EPS would be in the range of 72 cents to 74 cents vs. the consensus estimate of 74 cents.

For the year, Allergan guided toward earnings of $3.15 to $3.20 a share, up from the range of $3.10 to $3.16 announced in February. The consensus among analysts polled by Thomson First Call had been $3.15.

"We are extremely pleased with the strong income growth in our first quarter," said CEO David Pyott.

Allergan noted that two experimental glaucoma drugs will be delayed coming to the U.S. market. The FDA recently gave conditional approval for Alphagan Z, and the company says the conditions "are primarily related to manufacturing." Allergan says the issues should be resolved "in the near future."

But the conditions surrounding the agency's conditional OK of Combigan will take longer to resolve because the FDA wants "additional clinical investigation," the company says. Combigan was recently approved in the U.K., a decision that Pyott called "an important milestone in the global rollout of this promising product."

Allergan also disclosed that it has filed a formal response with the FDA relating to

the agency's September 2004 rejection of a treatment for moderate to severe psoriasis. Allergan makes a psoriasis cream and gel called Tazorac; and it was seeking FDA approval for a pill version. The agency said Allergan needed to conduct more clinical trials.

Allergan also outlined the progress of several clinical trials. It plans to start a phase III trial of Botox as a treatment for certain migraines as well as a phase III trial testing Botox as a treatment for overactive bladder caused by a nervous-system disorder. Phase III is the last stage of clinical testing before a drug application is submitted to health regulators. It also plans to start a phase II test on Botox as a treatment for overactive bladder that has no known cause.