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Allergan Posts $47-Million Quarterly Gain

O.C. BUSINESS PLUS | ORANGE COUNTY EARNINGS

October 22, 1999

Allergan Inc., the Irvine health care company, reported net income of $47 million, or 70 cents a share, for the third quarter. That compares with a net loss of $31.4 million, or 48 cents a share, a year ago, when Allergan took $62.8 million in restructuring charges and $36 million in asset write-offs. Sales increased 8% to $346.8 million.

Allergan also announced that its board of directors has approved a 2-for-1 stock split, payable Dec. 9 to shareholders of record Nov. 18.

The stock, which has traded as high as $115.63 and is up 66% so far this year, closed Thursday at $107.75, off 19 cents a share.

Allergan Specialty Therapeutics Inc.: The Irvine company, formed by Allergan to conduct research and development of potential pharmaceutical products, said it lost $15.1 million, or $4.62 a share, for the third quarter, compared with a net loss of $8.2 million, or $2.51 a share, a year ago. Revenue, consisting of interest and investment income, declined 57% to $1.3 million.

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