Allergan : IRVINE

Nature of business: Manufactures eye and skin care products Total employees: 5,100 In Orange County: 1,600 Stock listing in The Times: On NASDAQ as “Algrn” Ticker symbol: “AGN” Friday’s stock close: $24.63 One-week change: Up $0.27 Analyst review: “Allergan has met or exceeded our earnings projections consistently, despite a difficult external industry environment, and has demonstrated a significant commitment to corporate streamlining, expense control and new product development. Despite a 13% increase in research spending, operating income still grew 16% in the first quarter. Additionally, we believe the company’s repurchase of over one million shares in the past year, which is a major increase in activity, signals growing management confidence in its business. New products should enable modest increases in top-line growth in 1993 and 1994.” --Steven B. Gerber, analyst, Oppenheimer & Co, Los Angeles Dollar amounts in millions

1990 1991 1992 1992 1993 Revenue 794 839 897 210 213 Profit 81.4 -59.50 103 17.7 23.7

Corporate outlook: “We are very pleased with the 34% increase in net earnings for the first quarter.We increased our investment in R&D; by 22% during 1992 and 13% in the first quarter. We have formed some very valuable alliances in the bio-technology field that we are very optimistic will lead to new developments in skin care and oncology.” --Edgar Cummins , chief financial officer RETURN ON INVESTMENT: 3-YEAR SUMMARY AND YEAR-TO-DATE

Fiscal year ending Dec. 31 Dec. 31 Dec. 31 1ST qtr. 1990 1991 1992 1992 52-week high $19.38 $25.50 $27.25 $27.25 52-week low $12.25 $16.88 $18.88 $20.63 Book value per share $ 7.77 $ 6.62 $ 7.38 $13.06 Price per share $17.50 $23.63 $26.13 $21.25 Net earnings (loss) per share $1.21 N/A $1.53 $0.26 Price-to-earnings ratio 14:1 N/A 17:1 20:1 Average return on investor equity 16% N/A 21% 8%

Fiscal year ending 1ST qtr. 1993 52-week high $26.50 52-week low $21.25 Book value per share $12.96 Price per share $22.0 Net earnings (loss) per share $0.35 Price-to-earnings ratio 16:1 Average return on investor equity 10%

For more information, write Allergan: 2525 DuPont Drive, Irvine, Calif. 92715. (714) 752-4500 Researched by JANICE L. JONES / Los Angeles Times