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Allergan Earnings Take 20% Leap

April 25, 2001|From Bloomberg News

Allergan Inc. a maker of drugs for eye and skin care, said first-quarter net income rose 20% on demand for its glaucoma-drug Alphagan and expanded sales of the neuromuscular drug Botox.

The Irvine company said net income rose to $52.1 million, or 39 cents a share, from $43.5 million, or 33 cents, a year earlier. Sales rose 5.3% to $396.1 million.

In December, Allergan said it had won U.S. Food and Drug Administration approval to market Botox for treating muscle pain related to cervical dystonia, a head and neck disorder. The drug already had FDA clearance to treat a disorder of the eye muscles that control blinking.

"The story from here on out for Allergan will be Botox and [another glaucoma drug] Lumigan," said Timothy Coan, an analyst at ING Barings who rates the stock a "buy."

Lumigan won U.S. Food and Drug Administration approval in March for treating patients who haven't benefited from existing treatments.

The drug maker was expected to earn 35 cents a share, according to analysts surveyed by First Call/Thomson Financial.

Allergan shares fell $3.05 to $74.45 on the New York Stock Exchange.

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