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Business Briefing / Earnings

Allergan profit increases 23%

August 01, 2009|TIMES WIRE REPORTS

Allergan Inc., maker of the wrinkle smoother Botox, said second-quarter profit rose 23% as lower costs from restructuring helped offset declining sales. The results beat analysts' estimates.

The Irvine company said net income rose to $176.1 million, or 58 cents a share, from $143.4 million, or 47 cents, a year earlier. Profit excluding some items was 75 cents a share, beating the average estimate of 67 cents by analysts surveyed by Bloomberg.

Revenue fell 3.4% to $1.17 billion as consumers bought fewer cosmetic treatments, the source of almost half of Allergan's revenue. Sales from Allergan's device business, which makes breast implants, decreased 14%, the company said.

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