Allergan Reports 22% Drop in Fourth-Quarter Earnings

Allergan Inc. said fourth-quarter earnings fell 22% as the strong dollar hurt profit on overseas sales and the company invested in marketing new products to treat psoriasis and glaucoma.

Allergan’s profit before charges and gains fell to $32.5 million, or 49 cents a share, from $41.5 million, or 63 cents, a year earlier.

After charges and gains, the company earned $45.5 million, or 69 cents a share, up 26% from $36 million, or 55 cents a share, for the fourth quarter a year earlier.

The company, which develops treatments for eye and skin disorders, said revenue during the quarter fell to $309.6 million from $311.8 million a year earlier. Excluding the impact of currency fluctuations, fourth-quarter revenue would have increased 4 percent, the company said.

For the full year, net income grew 66% to $128.3 million, or $1.95 a share, from $77.1 million, or $1.17 a share, for 1996. Sales were flat at $1.1 billion.