Allergan hit by Botox results

Allergan shares fell the most in 21 months after sales of Botox missed analysts’ estimates.

Allergan declined 3.89 (4.03%) to $92.50 on the New York Stock Exchange after first-quarter sales of Botox rose to $398.9m, less than the $411.6m average of two analyst estimates compiled by Bloomberg. The US-based company also provided a second-quarter profit forecast of $1.04 to $1.06 a share, less than the $1.08 analysts expected.

Allergan has been trying to expand use of Botox for treating migraines as the product faces more competition from other wrinkle treatments.