Allergan reports 3.2% decline in fourth-quarter product sales

IRVINE, Calif. — Allergan's total product net sales totaled $1.041 billion for the fourth quarter of 2008, representing a 3.2% decline compared with $1.075 billion for the fourth quarter of 2007, the company announced in a press release.

On a constant currency basis, Allergan's total product net sales increased 1.6% compared with total product net sales posted during the same period a year ago, the release said.

Specialty pharmaceuticals net sales fell 1.4% in the quarter compared with 2007 (an increase of 3.3% on a constant currency basis), and core medical device net sales fell 9.6% compared with 2007 (a decrease of 4.8% at constant currency).

Net earnings totaled $150.6 million in the fourth quarter, compared with $160.3 million in the fourth quarter 2007. Adjusted net earnings were $229.8 million, compared with $185.1 million a year ago.

The company reported $0.50 diluted earnings per share from continuing operations, representing a decline compared with $0.52 diluted earnings per share reported during the fourth quarter of 2007. However, adjusted diluted earnings per share from continuing operations totaled $0.76 for the quarter, up 26.7% compared with adjusted diluted earnings per share of $0.60 in 2007.

Allergan also announced that approximately 460 employees, or 5% of its global workforce, will be laid off due to restructuring. Most affected employees work in marketing in the United States and Europe and urology sales and marketing in the United States.

During the fourth quarter, Allergan completed a preliminary data analysis of 6-month results from its phase 3 trial of Posurdex (dexamethasone), a sustained-release drug delivery system for treating macular edema associated with retinal vein occlusion, and filed a new drug application for the treatment with the U.S. Food and Drug Administration.

Allergan estimates total product net sales between $4.1 billion and $4.3 billion for the full year 2009.