NEW YORK (TheStreet) -- Shares of Allergan (AGN) were falling in mid-morning trading on Wednesday after the company posted weaker-than-anticipated 2016 third quarter results and gave a disappointing forecast for the year.

Before the market open, the Dublin-based pharmaceutical company reported adjusted earnings of $3.32 per share, missing analysts' estimates of $3.56 per share.

Revenue grew 4.4% to $3.62 billion but fell short of Wall Street's projections of $3.68 billion.

For the full year, Allergan anticipates adjusted earnings per share of $13.30 to $13.50 on revenue between $14.45 billion and $14.65 billion. Analysts are modeling adjusted earnings of $13.91 per share on revenue of $14.73 billion.

CEO Brent Saunders said the company is focused on finishing this year with "strong momentum."

Wells Fargo said Allergan's third quarter report was "disappointing" on all sides, but maintained an "outperform" rating on the stock earlier today, the Fly reports.

The company won't have a clean balance sheet in upcoming months as investors had expected, the firm noted.

Additionally, Allergan said today that it will begin a $10 billion accelerated share repurchase program. Allergan expects to buy and retire about $8 billion worth of shares in November, while the rest of the shares will be retired by the 2017 third quarter.

Allergan also announced a quarterly dividend of 70 cents per share. The first payment will be on March 28 to shareholders of record as of February 28.

(Allergan is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with a free trial.)

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C.

The company's strengths can be seen in multiple areas, such as its growth in earnings per share, revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself.

You can view the full analysis from the report here: AGN

  

If you liked this article you might like

Jim Cramer: Drug Stocks on the Move

Jim Cramer: Drug Stocks on the Move

Allergan Exec on Medical Aesthetics: 'The Future Is About Market Expansion'

Allergan Exec on Medical Aesthetics: 'The Future Is About Market Expansion'

Cramer: 10 Stock Surprises

Cramer: 10 Stock Surprises

Purdue Pharma to Downplay Opioids, Dump 50% of Sales Staff

Purdue Pharma to Downplay Opioids, Dump 50% of Sales Staff

Generic Drug Makers Hurt By Latest Federal Government Budget

Generic Drug Makers Hurt By Latest Federal Government Budget