Allergan Q4 Profit Down, But Adj. Profit Tops View; Sees Q1 Adj. EPS Below View

(RTTNews) - Allergan Inc. (AGN) reported that its fourth-quarter net earnings attributable to the company declined to $312.9 million from $324.2 million, with earnings per share decreasing to $1.04 from $1.06 per share last year.

Non-GAAP earnings per share for the quarter was $1.35 up from $1.12 in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.34 per share for the quarter. Analysts' estimates typically exclude special items.

"We are pleased to have once again achieved our double digit revenue and mid teens earnings per share growth aspirations for full year 2013 as we benefited from many regulatory approvals in the past few years," said David E.I. Pyott, Allergan's Chairman of the Board and Chief Executive Officer. "Furthermore, we look forward to delivering similar revenue and earnings growth in 2014."

The company reported total product net sales of $1.660 billion in the latest-quarter. Total product net sales increased 14.6 percent compared to total product net sales in the fourth quarter of 2012. On a constant currency basis, total product net sales increased 15.6 percent compared to total product net sales in the fourth quarter of 2012.

Revenues for the quarter rose to $1.684 billion from $1.472 billion in the prior year quarter. Nineteen analysts had consensus revenue estimate of $1.65 billion for the quarter.

Allergan also announced that its Board of has declared a fourth quarter dividend of $0.05 per share, payable on March 21, 2014 to stockholders of record on February 28, 2014.

For the first quarter of 2014, the company expects Non-GAAP earnings per share attributable to stockholders to be between $1.09 and $1.12. Total product net sales is anticipated to be between $1.525 billion and $1.600 billion, excluding any anticipated revenue from the transition service agreements related to the sale of the obesity intervention business. Analysts expect the company to report earnings of $1.21 per share and revenues of $1.60 billion for the first-quarter.

For the full year of 2014, the company expects total product net sales between $6.650 billion and $6.950 billion, excluding any anticipated revenue from the transition service agreements related to the sale of the obesity intervention business. Non-GAAP earnings per share attributable to stockholders is expected to be between $5.36 and $5.48. Street currently is looking for fiscal year 2014 earnings of $5.46 per share on annual revenues of $6.78 billion.