Allergan emphasises importance of European drug approvals

Pharmaceutical Company Financials

Allergan, the pharmaceutical company known for producing Botox, has said the European Commission's decision to market Ganfort, a treatment for glaucoma, was a major highlight during its second quarter of 2006.

Ganfort is indicated to reduce intraocular pressure glaucoma patients, which is a leading cause of glaucoma and damage to the eyes. The pan-European licence for the drug opens the way for its introduction in the UK.

The company said it was "extremely pleased" with the approval for the drug, which uses a combination of Lumigan and timolol.

Allergan reported that sales increased by 16 per cent, allowing it to increase its guidance for the year's earning, with pharmaceutical product sales ranging between $2.5 billion and $2.6 billion.

David EI Pyott, chief executive officer and chairman of Allergan's board, remarked: "We are very pleased with our continued strong sales and earnings growth in the second quarter across a broad range of our key products."

"Furthermore, we are making excellent progress in preparing for the launch of Ganfort in Europe and Juvederm in the United States," he added.

One analyst is quoted by Reuters as saying that the company had achieved greater-than-expected revenue growth, in spite of increased spending on acquisitions and other extraordinary items.

Bank of America analyst David Maris said in a research note: "The quarter was very strong."

© Adfero Ltd

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