NEW YORK (AP) — Allergan, which has been fending off buyout offers from Valeant Pharmaceuticals, boosted its earnings outlook for the year and current quarter.
The Botox maker said Wednesday that new products, regulatory approval and its rising market share is helping boost results.
The company now expects third-quarter earnings of between $1.76 per share and $1.78 per share, up from its previous forecast between $1.44 per share and $1.47 per share. It expects revenue to rise 17 percent from the same quarter a year ago, to about $1.79 billion. Analysts expected earnings of $1.47 per share and revenue of $1.74 billion, according to FactSet.
For the full year, it now expects earnings between $6.20 per share and $6.25 per share, up from its previous forecast between $5.74 per share and $5.80 per share. Revenue is expected to rise 14 or 15 percent from the year before, to between about $7.17 billion and $7.24 billion. Analysts expected earnings of $5.80 per share and revenue of $7.09 billion.
Allergan also provided a long-term outlook, saying it expects earnings of $8.60 per share next year and $10.25 per share in 2016. Both were above analyst expectations.
The company has rejected several offers from Canadian drugmaker Valeant, with the most recent being a $53 billion bid in June.
Shares of the Allergan, based in Irving, California, rose $1.54 to $192.04 in morning trading.