beat earnings estimates by 3 cents for the latest quarter and raised its full-year guidance, the company announced Wednesday.
The Irvine, Calif., maker of the cosmetic injection Botox reported earnings of 25 cents a share, including restructuring charges from its termination of an agreement with
Advanced Medical Optics
and other costs.
Excluding the expenses, earnings were 78 cents a share, compared with 63 cents reported a year earlier and ahead of Wall Street's consensus projection of 75 cents.
Net sales were $591 million, including $23.1 million of nonpharmaceutical product sales, mostly from contract manufacturing sales to Advanced Medical Optics, a former unit of Allergan. Pharmaceutical sales climbed to $567.9 million from $478.9 million last year. Analysts expected sales of $552.9 million for the quarter.
"We are very pleased with our continued strong sales and earnings growth during the second quarter as our business continues to perform better than was anticipated at the beginning of 2005," said Allergan Chairman, President and CEO David Pyott.
For the third quarter, Allergan sees earnings of between 78 cents and 79 cents. The company increased its earnings-per-share guidance for the year to between $3.20 and $3.23, about 4 cents more than its outlook provided in April.
During the second quarter, Allergan met with the FDA regarding its Botox injection for two types of overactive bladder, and the company said it was looking forward to starting safety and efficacy trials for those indications, as well as for chronic daily headaches.