Allergan profit, sales top estimates; says weighing Valeant offer

Wed May 7, 2014 9:29am EDT
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May 7 (Reuters) - Allergan Inc reported better-than-expected first- quarter profit on strong sales of Botox and medical devices, and said it was reviewing an unsolicited $47 billion takeover bid from Valeant Pharmaceuticals International Inc.

In its quarterly report, Allergan noted it has in place a one-year stockholder rights plan, commonly called a poison pill, meant to give the company more time to weigh the offer.

Allergan said on Wednesday it earned $257 million, or 85 cents per share, in the quarter. That compared with $12.5 million, or 4 cents, in the year-earlier period, when it took a big charge for discontinued operations.

Excluding special items, Allergan earned $1.18 per share in the recent quarter. Analysts, on average, expected $1.13 per share, according to Thomson Reuters I/B/E/S.

Global sales rose 13 percent to $1.62 billion, topping Wall Street expectations of $1.60 billion. (Reporting by Ransdell Pierson; Editing by Jeffrey Benkoe)