ORANGE COUNTY EARNINGS

Allergan Inc.: The Irvine provider of eye care and specialty pharmaceutical products reported that fourth-quarter net income dropped 37% while sales climbed 12%.

Net income totaled $28.6 million, or 43 cents a share, down from $45.5 million, or 69 cents a share, for the fourth quarter a year ago. Sales increased to $346.2 million from $309.6 million.

For the year, the company posted a net loss of $90.2 million, or $1.38 a share, contrasted with net income of $128.3 million, or $1.95 a share, for 1997. The company said it incurred special charges and credits in 1998, including a one-time charge of $171.4 million for dividends to Allergan shareholders with stock in Allergan Specialty Therapeutics Inc., which was formed last year, and $133.3 million in restructuring charges and asset write-offs. Sales advanced 18% to $1.3 billion from $1.1 billion.