SUBSCRIBE Blog with us: BLOGbiotech

Breaking News

• Email
• Print
• Share
• More News

Aug 1 2007, 9:00 AM EST

Allergan Reports Second Quarter Operating Results

News source: Business Wire

Allergan, Inc. (NYSE:AGN) today announced operating results for the quarter ended June 29, 2007. Allergan also announced that its Board of Directors has declared a second quarter dividend of $0.05 per share, payable on September 7, 2007 to stockholders of record on August 17, 2007.

Operating Results

For the quarter ended June 29, 2007:

-- Allergan reported $0.45 diluted earnings per share compared to $0.24 diluted earnings per share reported for the second quarter of 2006.

-- Allergan's adjusted diluted earnings per share were $0.54 in the second quarter of 2007, compared to adjusted diluted earnings per share of $0.43 in the second quarter of 2006. Adjusted diluted earnings per share for the second quarters of 2007 and 2006 exclude the non-GAAP adjustments to diluted earnings per share that are contained in the financial tables of this press release.

Product Sales

For the quarter ended June 29, 2007:

-- Allergan's total product net sales were $972.8 million. Total product net sales increased 23.6 percent, or 21.2 percent at constant currency, compared to total product net sales in the second quarter of 2006.

        -- Total specialty pharmaceuticals net sales increased 16.2
           percent, or 13.9 percent at constant currency, compared to
           total specialty pharmaceuticals net sales in the second
           quarter of 2006.

        -- Total core medical devices net sales increased 53.6
           percent, or 50.8 percent at constant currency, compared to
           total core medical devices net sales in the second quarter
           of 2006.

"Our significant investments in direct to consumer advertising and sales force, in the rapidly expanding medical aesthetics and obesity invention markets, are driving strong sales growth and operating results," said David E.I. Pyott, Allergan's Chairman of the Board and Chief Executive Officer. "Furthermore, we are very pleased with continuing strength in our ophthalmic and neurosciences businesses."

Product and Pipeline Update

During the second quarter of 2007:

-- On April 12, 2007, Allergan announced that the United States Court of Appeals for the Federal Circuit affirmed a favorable ruling for Allergan and Roche Palo Alto, LLC, formerly known as Syntex (U.S.A.) LLC, in a patent infringement lawsuit against Apotex, Inc., Apotex Corp., and Novex Pharma (the "Defendants") preventing the Defendants, together with all persons and entities acting in concert with the Defendants, from obtaining U.S. Food and Drug Administration (FDA) approval to market a generic version of Allergan's product ACULAR(R) (ketorolac tromethamine ophthalmic solution) 0.5% and enjoining the Defendants from manufacturing or selling their product before U.S. Patent No. 5,110,493 expires in 2009.

-- On June 26, 2007, Allergan announced approval by the FDA of label extensions for JUVEDERM(TM) Ultra and JUVEDERM(TM) Ultra Plus based on new clinical data demonstrating that the effects of both products may last for up to one year, which is longer than reported in clinical studies that supported FDA approval of other hyaluronic acid dermal fillers.

Other Company Events

On June 22, 2007, Allergan completed a two-for-one stock split of Allergan's common stock. The stock split was structured in the form of a 100% stock dividend and was paid to stockholders of record on June 11, 2007.

Outlook

For the full year of 2007:

-- Allergan is increasing guidance as follows:

        -




	
Email
 
	
 Print
	

		
		
		  Share
		
	
	


		More News











 



				
				
				

CAREER CENTER

WEBINARS

PODCASTS

MOST POPULAR