Irvine, CA, United States (4E) – Allergan Inc. reported Monday second-quarter profit climbed 16 percent from last year due to double-digit growth in revenue, including improved sales of Botox.
As part of its restructuring efforts, the multi-specialty health care company will reduce its staff by around 1,500 employees – representing 13 percent of its current worldwide workforce — and cut around 250 vacant positions.
Second-quarter net earnings attributable to Allergan stood at $417.2mn, or $1.37 a share, compared with $359.9mn, or $1.19 a share, in the year-earlier period. Excluding some items, adjusted net income for the latest period stood at $459.1mn or $1.51 a share, from $368.6mn, or $1.22 a share, in the year-earlier period, according to the Irvine, California-based company.
Analysts forecast per-share earnings of $1.44 for the latest quarter. Analysts’ estimates typically do not include special items.
Revenues for the quarter increased 13 percent to $1.86bn from $1.60bn in the second quarter of 2013, and surpassed analysts’ forecast of $1.77bn.