Allergan Inc., maker of the wrinkle smoother Botox, said second-quarter profit rose 23% as lower costs from restructuring helped offset declining sales. The results beat analysts' estimates.
The Irvine company said net income rose to $176.1 million, or 58 cents a share, from $143.4 million, or 47 cents, a year earlier. Profit excluding some items was 75 cents a share, beating the average estimate of 67 cents by analysts surveyed by Bloomberg.
Revenue fell 3.4% to $1.17 billion as consumers bought fewer cosmetic treatments, the source of almost half of Allergan's revenue. Sales from Allergan's device business, which makes breast implants, decreased 14%, the company said.