Allergan Tops Street 3Q Forecasts

Earnings Reuters

Allergan Inc. (AGN) on Monday reported profit of $313.4 million in its third quarter.

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The Irvine, California-based company said it had profit of $1.03 per share. Earnings, adjusted for one-time gains and costs, were $1.78 per share.

The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.62 per share.

The Botox maker posted revenue of $1.82 billion in the period, which also beat Street forecasts. Analysts expected $1.77 billion, according to Zacks.

For the current quarter ending in December, Allergan expects its per-share earnings to range from $1.80 to $1.83. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.44.

The company expects full-year earnings in the range of $6.27 to $6.30 per share.

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Allergan shares have climbed 66 percent since the beginning of the year, while the Standard & Poor's 500 index has risen slightly more than 6 percent. The stock has increased 98 percent in the last 12 months.