Allergan Profit Jumps 34% to $23.7 Million

Allergan Inc. said Wednesday that its first-quarter profit soared 34% to $23.7 million.

The eye and skin care products manufacturer said the increased profit--equal to 35 cents a share, contrasted with $17.7 million in profit, or 26 cents a share, in the first quarter of 1991--resulted from both a boost in sales and the reduction of operating costs.

Gross sales for the first three months were $213 million, up 1.4% from $210.1 million a year earlier.

The company said that its gross revenue was hurt because of the declining value of the dollar against several foreign currencies. Without the unfavorable impact of the foreign exchange rates, the company said its first-quarter sales would have been 6.5% above the year-ago level.

Worldwide sales for Allergan’s eye and skin care group were almost 9% higher than in the first quarter of 1992. Sales for the company’s ophthalmic surgical business fell 5.7%.

Increases for Allergan

Healthy sales of its eye and skin care products combined with administrative and operational cost-cutting to boost Allergan’s first-quarter earnings a hefty 34%. Figures in thousands of dollars except data per share:

Percent 1992 1993 change Total revenue $210,100 $213,000 1.4 Net earnings 17.7 23.7 34 Earnings per share 0.26 0.35 35

Source: Allergan