Allergan's profits bounced up an impressive 51%... Could this signal a medical spa rebound?
Allergan Inc.'s (AGN) fourth-quarter profit jumped 51% from a charge-addled period last year while product sales surged 16% amid continued improvements in markets for cosmetic medical procedures following the recession, the company said Thursday.
The Botox-maker forecast weaker-than-expected earnings in the first quarter, which it pegged to increased spending on advertising and product launches. It also projected full-year earnings mostly below Wall Street's forecast while being cautious about economic recovery and challenges for certain products.
Still, shares of the Irvine, Calif., company, which also makes eye drugs, breast implants and fillers for facial wrinkles, recently traded up 2.3% to $58.09.