Allergan (NYSE:AGN) shares ticked up today on strong 2nd-quarter sales and earnings numbers, including a 7.4% top-line gain for its medical device segment.
Irvine, Calif.-based Allergan reported profits of $359.9 million, or $1.17 per share, on sales of $1.60 billion for the 3 months ended June 30, for bottom-line growth of 21.8% on sales growth of 10.2%.
Allergan’s medical device segment posted sales of $229.3 million during the quarter, up 7.4% compared with Q2 2012; sales for its breast implant business were up 5.5% to $106.8 million and sales for its facial aesthetics business were $122.5 million, up 9.1%.
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Adjusted to exclude 1-time items, earnings per share were $1.22, 2¢ ahead of expectations on Wall Street.
"In the 2nd quarter, double-digit sales and earnings growth is in line with our long term growth aspirations," chairman & CEO David Pyott said in prepared remarks. "We are also pleased with further R&D progress with the FDA advisory committee’s unanimous recommendation for Juvederm Voluma XC and with the filing of Ozurdex for diabetic macular edema in both the United States and Europe."
Allergan said it expects to post sales of $6.05 billion to $6.20 billion this year, with the medical device business logging between $820 million and $860 million. Adjusted EPS are pegged at $4.72-$4.76, according to a press release.
AGN shares were trading at $92.32 each as of about 11 a.m. today, up 1.5%.
