Allergan tops estimates, despite currency headwind

IRVINE, Calif. (AP) ? Allergan's second-quarter earnings edged past Wall Street estimates Wednesday, though revenue the Botox maker was hurt by foreign currency rates.

Net income grew nearly 20 percent to $295.4 million, or 96 cents per share, on higher sales of wrinkle-smoothing injection Botox, eyelash enhancer Latisse and other specialty drugs. The company earned $246.6 million, or 79 cents per share, last year during the same period. Revenue increased about 4.8 percent to $1.47 billion. The company said sales increased 8.7 percent when changes in foreign exchange rates are discounted.

Excluding one-time charges and events, the company would have earned a profit of $330 million, or $1.07 per share. Analysts polled by FactSet expected earnings per share of $1.06 on revenue of $1.5 billion.

Allergan management narrowed their full-year 2012 profit range to between $4.15 and $4.19 from a prior range of $4.13 to $4.19.

"In the second quarter, Allergan continued to deliver strong earnings growth in spite of the strong U.S. dollar relative to virtually all major currencies," said CEO David E.I. Pyott.

Shares of Allergan Inc. increased $5.39, or 6.6 percent, to $87.46.

Source: http://news.yahoo.com/allergan-tops-estimates-despite-currency-headwind-145315829--finance.html

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