Allergan Reports Loss Despite Gain in Sales

Allergan Inc., the maker of Botox wrinkle treatments and eye-care products, reported a first-quarter net loss of $444.8 million because of costs to streamline its research and development operations.

The loss, amounting to $3.29 a share, contrasted with net income of $79.9 million, or 60 cents a share, a year earlier, the Irvine company said.

Sales rose 17% to $615.2 million, helped by a 26% gain for Botox. Sales figures excluded the effect of Allergan’s $3.4-billion purchase of Inamed Corp. last month. Pharmaceutical sales grew 22% from a year earlier, and Botox sales were $223 million.

The company raised its 2006 earnings forecast to $3.57 to $3.63 a share and increased its sales forecast to $2.83 billion to $2.97 billion. The company earned $2.88 a share last year.

Excluding certain items, first-quarter income was 82 cents a share, Allergan said. Thomson Financial said analysts had expected earnings of 81 cents a share.

Allergan shares fell $2.97 to $100.73.