Allergan (NYSE: AGN) is expected to report Q2 earnings around July 31. Here's what Wall Street wants to see:

The 10-second takeaway
Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Allergan's revenue will improve 6.1% and EPS will increase 10.4%.

The average estimate for revenue is $1.50 billion. On the bottom line, the average EPS estimate is $1.06.

Revenue details
Last quarter, Allergan notched revenue of $1.39 billion. GAAP reported sales were 9.5% higher than the prior-year quarter's $1.27 billion.

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Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
Last quarter, non-GAAP EPS came in at $0.86. GAAP EPS of $0.74 for Q1 were 45% higher than the prior-year quarter's $0.51 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Recent performance
For the preceding quarter, gross margin was 85.9%, 30 basis points better than the prior-year quarter. Operating margin was 26.2%, 470 basis points better than the prior-year quarter. Net margin was 16.5%, 400 basis points better than the prior-year quarter.

Looking ahead
The full year's average estimate for revenue is $5.86 billion. The average EPS estimate is $4.17.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 403 members out of 424 rating the stock outperform, and 21 members rating it underperform. Among 109 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 106 give Allergan a green thumbs-up, and three give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Allergan is outperform, with an average price target of $99.73.