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.)