Allergan's fourth quarter results were better-than-expected with
earnings of $1.35 per share surpassing the Zacks Consensus Estimate
by a penny. While earnings increased 20.5% from the year-ago
quarter, revenues increased 14.4% to $1,684.4 million, above the
Zacks Consensus Estimate of $1,647 million. Allergan expects 2014
earnings of $5.36 - $5.48 per share, much above $4.77 per share in
2013. We believe Allergan's presence across different segments will
help maintain growth going forward. We also expect the company to
be able to protect Restasis from generics. We continue to believe
the current share price represents an attractive entry point for
Headquartered in Irvine, Calif., Allergan, Inc., a global
multi-specialty pharmaceutical company, develops and commercializes
innovative products for eye care, neurological, medical aesthetics,
medical dermatology, breast aesthetics, urological and other
specialty markets. In addition to its discovery-to-development
research programs, Allergan has global marketing and sales
capabilities in over 100 countries.
The company operates through two business segments: specialty
pharmaceuticals and medical devices. While the specialty
pharmaceuticals segment includes ophthalmic, skin care as well as
other prescription and over-the-counter dermatological products,
Botox and urologics products, the medical devices segment includes
breast implantation and dermal fillers.
The medical devices segment was created through the company's
Mar 2006 acquisition of global healthcare company Inamed
Corporation. The specialty pharmaceuticals segment contributed
about 82% to total revenues in 2012, with sales coming in at $4.8
billion. Botox, a key product in this segment, posted sales of $1.8
billion in 2012. Sales from the medical devices segment came in at
$924.2 million in 2012.
In Dec 2013, Allergan sold off its obesity intervention business
which had been performing badly over the past few years.
In Dec 2012, the company bought a privately held company,
SkinMedica, Inc. to acquire the latter's topical aesthetics skin
care business. In Mar 2013, Allergan acquired Map Pharmaceuticals,
which is now a wholly owned subsidiary of Allergan.
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