reported a wrinkle-free third quarter that included strong revenue and earnings growth in line with expectations. The concern also confirmed its previous guidance for the year.
For the quarter, the company earned $76 million, or 57 cents a share, on revenue of $443 million, a sharp increase from the 48 cents it earned (excluding a litigation settlement) on $350 million in revenue in the year ago period. The maker of the anti-wrinkle cream Botox also reported a 24% increase in pharmaceutical sales versus the year ago period.
The stock is down 69 cents to $74.61, but is up 27% for the year.
Management also confirmed guidance for the rest of 2003 saying it expects to earn 67 cents a share in the fourth quarter on sales of between $440 and $460 million. Analysts are expecting 68 cents a share on revenue of $442 million. For the year, the company expects to earn $2.31 per share exactly in line with expectations, excluding acquisition costs.
On Oct. 14, the company announced its intention to buy privately held Oculex Pharmaceuticals for $230 million in cash. It expects to expense most of that cost in the fourth quarter. The company acquired the company for its implantable eye drug delivery system. The first drugs that use this drug delivery mechanism are expected to receive FDA approval in 2007.