IRVINE — Health care company Allergan Inc. on Wednesday posted an increase in net income for the third quarter, while sales remained flat.
Allergan, which makes and sells eye-care products, said net income rose to $43.6 million, or 66 cents a share, from $17.3 million, or 26 cents a share, a year ago. The 1996 figure, however, included restructuring costs of $28.5 million.
Sales totaled $287.7 million, compared to $287.5 million recorded in the third quarter of 1996.
The company said pharmaceutical sales have been depressed by product returns and generic competition. But initial sales of the glaucoma product Alphagan have been strong in the United States, the company added.
For the first nine months, net income doubled to $82.8 million, or $1.26 a share, from $41.1 million, or 62 cents a share, a year ago. Sales were down 1% to $828.4 million, from $835.2 million.