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Allergan Forecasts Weak Half-Year Profit

March 06, 1997|Times Staff and Wire Reports

Allergan Inc. said it expects earnings in the first half of 1997 to be 24% lower than analysts expected because of new-product expenses, price cuts and currency fluctuations. The Irvine maker of eye and skin care products said per-share earnings for the first six months could be as low as 64 cents. Wall Street was expecting 84 cents for the first quarter. In the year-earlier period, the company reported earnings of 36 cents, though earnings were 80 cents excluding the impact of special charges for job cuts and restructuring. Allergan said it has had higher-than-expected costs for its new acne and psoriasis treatment and glaucoma medicine. It also said it is under increasing pressure from managed-care companies to lower prices. Shares fell 12.5 cents to $33.375 on the New York Stock Exchange.

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