Allergan's profit falls 58% as Botox sales drop
US drugmaker Allergan's first-quarter 2009 profit fell 58% year-on-year to $45.0 million, or $0.15 per share, as the economic downturn impacted sales of its mainstay product, the wrinkle treatment Botox (botulinum toxin type A).
The California-based company said that non-GAAP diluted earnings per share totaled $0.55 versus $0.53 in the first quarter of 2008, up 3.8%. Total product sales were $994.6 million, down 6.3%. On a constant currency basis, turnover decreased 0.4%.
Allergan's eye care drug sales fell 3.8% to $473.6 million. This category includes the glaucoma products Alphagan (brimonidine tartrate), Alphagan P and Combigan (brimonidine tartrate/timolol maleate), which earned $102.9 million, up 3.4%, and the Lumigan glaucoma franchise (bimatoprost ophthalmic solution), which generated $101.2 million, down 5.8%.
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