UPDATE 2-Allergan boosts outlook on strong sales, shares up

Mon Nov 1, 2010 11:27am EDT

* Q3 EPS excluding items of 78 cents meets analyst view

* Q3 sales rose 5.7 percent to $1.19 billion

* Raises full-year sales, profit forecasts

* Shares up more than 2 percent (Rewrites, adds earnings details, share rise)

CHICAGO, Nov 1 (Reuters) - Allergan Inc (AGN.N) reported higher-than-expected quarterly sales of eye-care drugs and breast implants and raised its full-year outlook on Monday, sending its shares up more than 2 percent.

Third-quarter sales of eye-care pharmaceuticals including Lumigan for glaucoma and Restasis for dry eye came in stronger than analysts were expecting, as did breast implant sales, while sales of the Botox anti-wrinkle drug met analysts' views.

The company, whose quarterly profit also was in line, boosted its full-year 2010 earnings outlook to $3.14 to $3.16 a share. In August, Allergan forecast full-year earnings of $3.11 to $3.15 a share.

It also raised its full-year sales outlook to $4.75 billion to $4.8 billion from its previous forecast of $4.62 billion to $4.75 billion.

Allergan shares, which are trading near all-time highs after the company in October received an expanded indication for Botox to treat migraine headache, were up 2.1 percent to $73.90 on the New York Stock Exchange.

Allergan reported a third-quarter net loss of $670.5 million, or $2.21 a share, compared with a profit of $239.2 million, or 58 cents a share, a year before.

Excluding special items, Allergan said it earned 78 cents a share, up from 70 cents a share the year before.

Total net sales rose 5.7 percent to $1.19 billion.

Analysts on average had expected the Irvine, California-based company to report earnings of 78 cents a share on sales of $1.18 billion, according to Thomson Reuters I/B/E/S.

Eye-care pharmaceuticals sales rose 6.3 percent to $568.8 million in the quarter. Botox sales were up 4.2 percent to $341.7 million. Breast implant sales increased 8.6 percent to $74.9 million.

Sales of obesity interventions including the Lap-Band surgical treatment fell 8.1 percent to $59.3 billion. (Reporting by Susan Kelly, editing by Gerald E. McCormick, Dave Zimmerman)

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