Shares in maker of Botox climb

Shares in Allergan climbed the most in three years after second-quarter earnings beat analyst estimates and the company raised the lower end of its full-year forecast.

Allergan gained 4.7% to $85.95 in New York yesterday. Earnings excluding some items of $1.07 a share beat by 1c the average of 22 analyst estimates compiled by Bloomberg.

Earnings for 2012 will be $4.15 to $4.19 a share, the company said. Botox sales increased 10% to $461.2m (€377.3m) in the second quarter, while revenue from southern Europe wasn’t hurt by the debt crisis, the company said.

“We have just some fabulous growth rates, even in the so-called old Europe,” David Pyott, chief executive of Allergan, told analysts.

Allergan has more than half the European breast implant market share, which is split between 11 companies, he said. Worldwide sales growth for the Allergan’s implants has been 14% this year.

“The market doesn’t seem to have taken a hit,” Mr Pyott said.

Last year, Allergan announced the creation of an additional 200 jobs at its plant at Westport, Co Mayo. The company is set to employ over 1,000 people in Ireland.

Bloomberg