Positive Opinion on Allergan Candidate

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Allergan, Inc. (AGN) recently received encouraging news when the US Food and Drug Administration’s (:FDA) General and Plastic Surgery Devices Panel of the Medical Devices Advisory Committee unanimously recommended the approval of Juvéderm Voluma XC.

The company is looking to get Juvéderm Voluma XC, its injectable hyaluronic acid dermal filler, approved for cheek augmentation to correct age-related volume deficit in the mid-face.

Although the FDA is not bound to accept the recommendation of the advisory panel it does pay heed when reviewing new drug applications. The company noted that if approved Juvéderm Voluma XC will be the first and only dermal filler in the US for the above mentioned indication. The company expects to launch the drug in late 2013.

A few days back Allergan reported first quarter 2013 earnings of $0.98 per share, beating the Zacks Consensus Estimate of $0.96 per share. While earnings increased 18.1% from the year-ago quarter, revenues increased 8.3% to $1,459.6 million, above the Zacks Consensus Estimate of $1,443 million. Allergan now expects 2013 earnings of $4.70 - $4.76 per share as compared to the previous guidance of $4.75 - $4.83 per share. The latest guidance includes the impact of the acquisition of MAP Pharmaceutical.

Allergan currently carries a Zacks Rank #3 (Hold). Stocks that look better positioned at present include AbbVie (ABBV) and Onyx Pharmaceuticals, Inc. (ONXX). Both the stocks carry a Zacks Rank #2 (Buy). Isis Pharmaceuticals, Inc. (ISIS) also looks well-positioned with a Zacks Rank #1 (Strong Buy).

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