Allergan shares slip on earnings report

NEW YORK (CNNMoney.com) -- Allergan, maker of Botox, dermal fillers and breast implants, beat first-quarter earnings expectations but failed to impress investors, as shares slipped 3 percent.

For the first quarter, excluding charges, Allergan (Charts) earned 92 cents per share, ahead of estimates for 90 cents, according to Reuters Estimates.

First-quarter revenue of $887 million was also ahead of expectations of $839 million.

"I'm kind of surprised the stock is down," said Allergan chief executive David Pyott to CNNMoney.com, who described his company as "firing on all cylinders."

"Some investors might be disappointed in second quarter guidance," said Pyott, referring to a theory he read in an analyst report. But Pyott said this is the first time Allergan has ever provided guidance for that quarter, so there was no previous forecast to compare it to.

Allergan forecast net sales of $910 million to $930 million for the second-quarter, and earnings per share of 99 cents to $1.01, excluding charges.

Allergan competes with Mentor Corp. (up $0.67 to $38.90, Charts) for dominance of the breast implant industry, and with Medicis Pharmaceutical Corp. (up $0.56 to $30.35, Charts) for the dermal filler market.