Allergan Inc.'s net income more than doubled in the first quarter as sales accelerated outside the U.S. for the wrinkle remover Botox. Demand cooled in the U.S., and the company blamed the economy.
Net income increased to $111.4 million, or 36 cents a share, from $43.8 million, or 14 cents, a year earlier, the company said. Revenue grew 23% to $1.08 billion, bolstered by converting overseas sales in other currencies to the dollar.
Irvine-based Allergan sells cosmetic and medical products including breast implants, surgical devices to remedy obesity and a treatment for overactive bladders. Botox accounted for 31% of its sales last year, with most in the U.S.
"The U.S. showed signs of softening, and consumers adjusted their spending," Chief Executive David E.I. Pyott said. "Our results demonstrate the strategic value of product diversity and global presence."
Allergan shares fell $1.77, or 3.3%, to $52.55.