Irvine-based Allergan Inc. said Wednesday that it swung to a first-quarter profit after recording a big loss a year earlier following its buy of Inamed Corp.
Allergan, make of drug and medical cosmetic products, posted a first-quarter profit of $43.8 million, versus a $444.8 million loss a year ago. Excluding one-time charges and gains, Allergan’s net income was $139.9 million.
Wall Street expected Allergan to earn $136.9 million in the quarter, excluding charges.
Revenue was up 41.8% to $872.4 million. Of that, $165.2 million in sales came from Inamed, which Allergan bought a year ago for $3.2 billion.
Allergan’s sales benefited from growth in its drug and cosmetic surgery products, Chief Executive David Pyott said in a release.
