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IN THE NEWS
Allergan's Eyelash Drug Gets Good News from FDA
2008-12-08 | 03:52
Once-a-day treatment enhances lashes.
Shares of cosmetic drugmaker Allergan climbed Monday on news that a panel of government advisers favorably reviewed the company's experimental drug to enhance eyelashes.
Allergan, which makes Botox anti-wrinkle injections, has asked the Food and Drug Administration to approve its Lumigan formula to enhance eyelashes for patients 18 and older. The drug is designed to be applied once daily to the base of the lashes.
On Friday a Food and Drug Administration panel of experts voted unanimously that the drug's benefits outweigh its risks. The agency is not required to follow the panel's advice, but it normally does.
Lazard Capital Markets analyst Sean Lavin said he expects the FDA to approve Lumigan in the second half of 2009. While Allergan expects annual sales to reach $500 million annually, Lavin forecasted a modest $50 million in sales for the drug in 2010 — its first full year on the market.Commenting on the company's rising stock, Lavin wrote "this could be an overreaction given that the product will likely represent around 1 percent of revenue in 2010."
Allergan makes the bulk of its profit from eye-care products, Botox injections and breast implants.
