California-based Allergan has reported sales of its pharmaceutical products increased 25.0 per cent in the third quarter of 2005, or 23.6 per cent at constant currency, compared to pharmaceutical sales in the third quarter of 2004.
Furthermore profit for the quarter was $150.5 million, or $1.12 per share, compared with a profit of $92 million, or 69 cents a share, a year ago.
Allergan's net sales were $606.1 million, including $0.2 million of non-pharmaceutical product sales.
"We are extremely pleased with our results and performance in the third quarter and as a result have increased our full year financial guidance," said David E I Pyott, Allergan's chairman of the board, president and chief executive officer.
"Moreover, we recently entered into a strategic agreement with GlaxoSmithKline which we expect will help us to continue to maximise the value of our assets globally and strengthen our strategic position; and further demonstrates our intent to continually adapt our business model to realise greater sales, greater productivity and increase stockholder value."
During the reporting period Allergan announced that it entered into a long-term agreement with GlaxoSmithKline (GSK) to develop and promote Allergan's Botox (botulinum toxin type A) in Japan and China and to co-promote GSK's products Imitrex STATdose System (sumatriptan succinate) and Amerge (naratriptan hydrochloride) in the United States.
Looking forward, the company expects forth quarter sales between $565 million and $580 million and adjusted diluted earnings per share in the range of 88 and 89 cents.
For the full year Allergan is increasing total pharmaceutical sales guidance to between $2,240 million and $2,260 million and the expected range of Restasis sales to between $180 million and $200 million.
The expected range of the Alphagan franchise sales has also been increased to between $255 million and $275 million.