Launch Expenses Hit Allergan

In the first quarter of 1997, Allergan of the USA announced worldwidesales of $256.2 million, down 1% on the previous year. Excluding the impact of foreign currency exchange, sales grew 2%, the firm said. Net income fell 22.9% to $17.8 million, and earnings per share were 27 cents, also down 22.9%.

Allergan said that launch expenses for new products and the continuing competitive pressures on the eye care business have impacted performance, along with fluctuations in foreign currency exchange.

The firm's pharmaceutical eye care business achieved turnover of $93.3 million, down 5%. Excluding currency effects, it declined 3%.