Allergan (NYSE:AGN) shares gained more than 1% today after the medical aesthetics company posted increased sales and profits for the 4th quarter and 2012, buoyed by the recent FDA approval of its Botox drug to treat migraines as well as the botox injection treatments.
Irvine, Calif.-based Allergan posted profits of 324.2 million, or $1.06 per share, on sales of $1.51 billion for the 3 months ended Dec. 31, 2012, for a bottom-line gain of 15.9% and top-line growth of 7.6% compared with the same period in 2011.
Adjusted to exclude 1-time items, earnings per share reached $1.15, 3¢ below Wall Street analysts’ expectations.
For the full year, Allergan reported profits of $1.10 billion, or $3.58 per share, on sales of $5.81 billion, a 17.6% increase in profits and a 7.1% sales gain compared with 2011. Adjusted EPS were $4.14, 4¢ under expectations on The Street.
"Evidenced by our recent acquisitions of SkinMedica and MAP Pharmaceuticals and our decision to declare our obesity intervention assets as a discontinued business, we are dynamically managing our portfolio to drive long term sales growth," chairman, president & CEO David Pyott said in prepared remarks. "In 2013, we look forward to making a notable increase in R&D investment, to secure several regulatory approvals and to growing our markets."
Botox sales grew 10.7% to $1.77 billion for the full year and 14.3% to $474.6 million during Q4, according to a press release.
Allergan said it expects to log sales of $5.90 billion to $6.20 billion this year, including medical device sales of between $800 million and $860 million but excluding the obesity device unit. Adjusted EPS are slated to be $4.75-$4.83. First-quarter sales are forecast to range between $1.38 billion and $1.45 billion, again excluding the obesity unit, with adjusted EPS of 94¢-96¢.
AGN shares were trading at $106.34 today as of about 1:45 p.m., up 1.2%.