Allergan Inc on Wednesday said its first-quarter profit more than doubled as sales spiked across its eye care treatment, Botox skin care, and medical devices product lines.
For the 3 months that ended March 31, Allergan earned $111.4 million, or 36 cents per share, compared with $43.8 million, or 14 cents per share, in the prior-year period.
Revenue jumped 23% to $1.08 billion from $877 million last year.
Adjusted for acquisition costs and restructuring charges, the company said it earned 53 cents per share. Among the charges were costs related to closing a breast implant manufacturing facility in Ireland, which will continue through the fourth quarter of 2009.
Analysts polled by Thomson Financial, on average, expected profit of 52 cents per share, on revenue of $1.06 billion.
All results reflect a two-for-one stock split conducted in June 2007, Allergan said.
The company said sales results was boosted by currency conversion, and foreign sales helped make up for softening demand in the United States for elective product lines, reflecting the economic downturn.
Chairman and CEO David E.I. Pyott said sales of Botox grew "at double the rate at constant currency internationally than in the United States."
Botox sales rose 18% to $315.5 million, while eye care pharmaceuticals sales increased 22%, to $492.2 million. Medical devices sales rose 23% to $203.4 million, with obesity intervention sales up 36% and facial aesthetics sales up 24%.
The company also raised its full-year profit outlook to a range whose top end meets Wall Street expectations and issued second-quarter guidance in line with analysts’ estimates.
In morning trading, Allergan shares rose $2.05, or 3.8%, to $56.37.