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Quarterly net earnings increase 21.8% for Allergan

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Allergan reported net earnings of $359.9 million attributable to the company under generally accepted accounting principals for the quarter ended June 30, according to a company release. This marks an increase of 21.8% over the $295.4 million from the same quarter in 2012.

Product net sales for the quarter were $1.577 billion, an increase of 10.6% over the company’s $1.426 billion in product net sales during the same period last year.

Allergan will issue a dividend of 5 cents per share payable on Sept. 12 to stockholders on record as of Aug. 22.

The company also raised the lower end of its projected full-year product net sales, setting expectations now of $6.05 billion to $6.2 billion. In its first-quarter report, Allergan projected net sales between $5.9 billion and $6.2 billion.

Restasis (cyclosporine ophthalmic emulsion 0.05%) net sales are projected between $870 million and $900 million, while Lumigan (bimatoprost ophthalmic solution 0.03%) net sales are projected between $620 million and $640 million and the Alphagan (brimonidine tartrate ophthalmic solution 0.1% and 0.15%) family of glaucoma-related products’ net sales are projected between $450 million and $480 million.