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Earnings Roundup / Allergan

Profit drops 6%; layoffs planned

February 05, 2009

Botox maker Allergan Inc. said its fourth-quarter profit dropped 6%, and the company plans to lay off about 460 employees, or 5% of its workforce, as more customers put off cosmetic treatments.

The Irvine company said in a conference call that patients were stretching out the time between getting wrinkle treatments and that therapeutic uses of Botox weren't immune to the economic slowdown either.

Allergan said profit in the quarter ended Dec. 31 fell to $150.6 million, or 50 cents a share, from $160.3 million, or 52 cents, a year earlier.

The latest quarter included payments for licensing deals and a $13.2-million settlement related to the end of a distribution agreement in South Korea. Excluding those and other special items, adjusted earnings were 76 cents a share.

Revenue fell 3% to $1.06 billion from $1.09 billion.

Analysts had expected earnings of 73 cents a share on $1.04 billion in revenue. Analyst estimates typically exclude one-time charges.

Allergan shares rose 48 cents to $40.28.

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