Angiotech Pharmaceuticals ( ANPI) fell 5.6% after it reported disappointing third-quarter results and said its full-year financials will likely fall short of estimates. The company reported revenue of $86.3 million, mostly from its medical-products segment and royalty revenue, in the third quarter. Analysts surveyed by Thomson First Call were expecting $95.9 million. Angiotech earned $6.9 million, or 9 cents a share, but excluding charges, it would have had a profit of 19 cents. Still, analysts were looking for 20 cents a share. Additionally, Angiotech reduced its full-year earnings and revenue guidance, partly because of costs it expects to incur in the fourth quarter for product development, sales and marketing. The company now sees a profit of 70 cents to 72 cents a share for 2006, down from its old projection of 79 cents to 81 cents a share. The company expects to report revenue of $302 million to $306 million vs. its previous estimate of $325 million to $335 million. Product sales are expected to be $138 million to $140 million for the full year. Angiotech previously anticipated $155 million to $163 million. Shares of Angiotech were slumping 53 cents to $8.97. Allergan ( AGN), the company that makes the wrinkle treatment Botox, slipped after saying its earnings took a hit from rising expenses during the latest quarter. Adjusted profits still managed to beat Wall Street's estimates.
The company earned $106.4 million, or 70 cents a share, in the third quarter, down from $150.5 million, or $1.12 a share, a year ago. The most recent quarter includes expenses related to the acquisition of breast-implant manufacturer Inamed earlier this year. Excluding charges, Allergan earned 95 cents a share, a penny above analysts' estimates. Allergan's revenue reached $806.8 million in the third quarter, with product sales coming in at $791.7 million, including $116.3 million from Inamed. The company's Botox and neuromodulator segment had sales of $237.7 million, up from $214.8 million a year ago. Eye-care pharmaceuticals brought in $403.4 million, up from $358.1 million the previous year. Analysts were expecting the company to report revenue of $784.2 million. For all of 2006, Allergan expects to report sales of between $2.98 billion and $3.02 billion, excluding revenue from the former Inamed products. Allergan previously expected to report full-year product sales of between $2.87 billion and $3.01 billion. Shares fell $3.07 to $112.43. Beckman Coulter ( BEC), a manufacturer of biomedical-testing instruments and supplies, gained 3.3% after its third-quarter earnings rose more than 30% from the year-ago period. The company earned $47.4 million, or 74 cents a share, in the quarter, compared with $36.2 million, or 56 cents a share, a year ago. Adjusted for items, earnings were 66 cents a share in the most recent quarter, in line with analysts' estimation.
Third-quarter revenue rose 6.4% from a year ago to $631.2 million. Analysts surveyed by Thomson First Call were expecting revenue of $622.2 million. Revenue from worldwide consumables rose 13.7% in the most recent quarter. Beckman expects to earn $2.75 a share to $2.95 a share, excluding special items, for the year. On average, analysts are looking for $2.83 a share. Shares were up $1.90 to $59.47. Mylan Laboratories ( MYL) issued second-quarter results that topped expectations thanks primarily to a painkiller that accounted for about 20% of sales. Still, shares edged lower by 17 cents to $20.33. The generic-drug company earned 37 cents a share, excluding one-time items, on sales of $366.7 million for the three months ended Sept. 30. The consensus among analysts polled by Thomson First Call predicted an EPS of 32 cents and sales of $350.8 million. On a GAAP basis, Mylan earned $77.5 million, or 36 cents a share, compared to $35.8 million, or 16 cents a share, for the same period last year. Sales for the year-ago quarter were $298 million. Mylan kept its fiscal-year profit forecast of $1.35 to $1.55, excluding one-time items. The average Wall Street estimate is $1.30 for the year ending March 31, 2007.