Allergan Net Drops After $28.5-Million Write-Off
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IRVINE — Allergan Inc. posted lower earnings in the third quarter after writing off $28.5 million in restructuring costs.
The developer of pharmaceutical products posted net earnings of $17.3 million, or 26 cents a share, 49% lower than the $34.2 million, or 53 cents a share, recorded for the 1995 third quarter. Sales increased 5% to $287.5 million from $273.6 million. Net income for the first nine months of 1996 rose 25% to $41.1 million, or 62 cents a share, $32.9 million, or 51 cents a share, for the like 1995 period. Sales were up 9% to $835.2 million from $764.1 million.
The company had announced earlier this year that it was eliminating 450 jobs and taking restructuring charges of as much as $75 million during 1996 in the wake of costly acquisitions and a slowdown in business.
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