Allergan Posts Gain Despite Restructuring

Allergan Inc. posted a profit for the second quarter despite large restructuring charges.

The Irvine developer of pharmaceutical products earned $700,000, or 1 cent a share, after taking restructuring charges of $34.2 million and writing off assets of $6.7 million.

A year ago, the company posted a net loss of $23 million, or 36 cents a share, which included a contribution of $50 million to Allergan Ligand Retinoid Therapeutics Inc., a research and development company. Sales increased 10% to $289.6 million from $262.2 million.

Net income for the first six months totaled $23.8 million, or 36 cents a share, contrasted with a net loss of $1.3 million, or 2 cents a share, for the first half of 1995. Sales were up 12% to $547.7 million from $490.5 million.

In June, Allergan announced a management restructuring and facilities consolidation program, which will result in a work force reduction and special pretax charges of up to $75 million during 1996.