1 novembre, 2006 19:40

Allergan Posts Higher Q3 Adjusted EPS As Revenues Increase; Declares Q3 Dividend; Lifts FY06; Provides Q4 Guidance - Update

(RTTNews) - Wednesday morning, Allergan, Inc. (AGN | charts | news | PowerRating), a company engaged in the development and commercialization of pharmaceutical products, announced third quarter non-GAAP earnings that rose year-over-year on higher revenues. The company also updated its fourth quarter and fiscal 2006 guidance. Allergan said its Board of Directors has declared a third quarter dividend of $0.10 per share, payable on December 7, 2006 to stockholders of record on November 10, 2006.

Allergan said non-GAAP net income for the quarter amounted to $144.8 million or $0.95 per share compared with $112.1 million or $0.83 per share in the comparable period last year. On average, 13 analysts surveyed by First Call/Thomson Financial expected the company to earn $0.94 per share for the quarter.

The company said GAAP net income for the quarter ended September 29, 2006 amounted to $106.4 million or $0.70 per share compared with $150.5 million or $1.12 per share for the quarter ended September 30, 2005.

The company said items included in diluted earnings per share totaled $38.4 million, which consist of $81.5 million pre-tax, less $43.1 million related to the provision for income taxes

GAAP operating income for the quarter declined to $127.2 million from $159.8 million in the same period last year. Allergan said non-GAAP operating income for the third quarter of 2006 rose to $207.2 million from $150.5 million in the same quarter in 2005.

Revenues for the quarter rose to $806.8 million from $611.5 million in the prior year period. 11 analysts had a revenue consensus estimate of $784.15 million for the quarter.

Allergan's total product net sales were $791.7 million, which includes $116.3 million of product net sales acquired in connection with the Inamed acquisition. Total product net sales increased 30.6 percent, or 29.5 percent at constant currency, compared to total product net sales in the third quarter of 2005.

For the nine-month period the company announced net loss of $264.2 million or $1.82 per share compared with income of $265.8 million or $1.98 per share in the prior year period. On non-GAAP basis net income for the nine-month period amounted to $390.7 million or $2.64 per share compared with net earnings of $317.2 million or $2.38 per share in 2005. Total revenues for the nine-month period amounted to $2.234 billion compared with $1.736 billion in the comparable period in 2005.

Looking ahead, for the full year 2006 Allergan said it was raising its total product net sales guidance to between $2.975 billion and $3.015 billion. The company earlier expected total product net sales to be between $2.865 billion and $3.005 billion.

The company also increased adjusted earnings per share guidance to between $3.63 and $3.66, from its earlier forecast of $3.59 and $3.65. For full year 2006, analysts expect the company to earn $3.65 per share on sales of $3.01 billion.

For the fourth quarter of 2006 the company said it expects total product net sales between $780 million and 820 million and adjusted earnings per share between $0.99 and $1.02. Presently, for the fourth quarter analysts expect the company to earn $1.02 per share on revenues of $808.39 million.

AGN is currently down 2.39% or $2.76 and trading at $112.74