Jul 31, 2013 2:10 PM by Associated Press
IRVINE, Calif. (AP) - Cosmetic drug and device maker Allergan Inc. reported better-than-expected earnings Wednesday because of sales growth from Botox injections and eye care drugs.
Total product sales increased 10.6 percent to $1.58 billion from the second quarter of 2012.
The company's performance was driven by sales of Botox, which rose 11 percent to $513 million. Botox, which was introduced in 1989, is most famous for its ability to smooth frown lines on aging foreheads, but it also is approved to treat neck spasms, eye muscle disorders, migraines and other conditions. In January, U.S. regulators approved the drug for a new use in treating overactive bladder.
The company's net profit grew 21.8 percent to $360 million, or $1.22 per share, compared with $295.4 million, or 98 cents per share, a year earlier. Analysts polled by FactSet predicted earnings per share of $1.20 on revenue of $1.56 billion.
Shares of Allergan Inc. rose $1.59, or 1.8 percent, to $92.60 in morning trading.
Eye care sales increased 8 percent to $722 million, which includes eyelash enhancer Latisse and Lumigan, which is used to treat eye pressure. Medical devices increased 7 percent to $229 million.
Allergan raised the low end of its 2013 earnings-per-share outlook by 2 cents to between $4.72 and $4.76.
The company said it plans to refile for Food and Drug Administration approval of its inhaled migraine drug Levadex by late 2013.
The FDA has twice rejected the drug, most recently in April 2013, because of concerns about elements of the manufacturing process. Allergan has said it is working to address the FDA's concerns.
Allergan acquired the experimental drug in March when it bought MAP Pharmaceuticals for $958 million. The companies had agreed to collaborate on the drug in 2011.
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