Rising Sales Push Allergan’s Profit Up 6% Amid Restructuring

Allergan Inc. reported Tuesday that earnings climbed 6% last year on a similar increase in sales.

The Irvine drug company said it earned $77.1 million, or $1.17 a share, for 1996, up from the $72.5 million, or $1.12 a share, for 1995. Sales climbed 7% to $1.147 billion from $1.067 billion.

Allergan, which said in June that it planned to eliminate 450 jobs in the wake of acquisitions and a slowdown in business, recorded $70.1 million in restructuring charges and $7.4 million in asset write-offs for the year. It posted a special charge of $50 million for 1995.

Fourth-quarter net income totaled $36 million, or 55 cents a share, which included a restructuring charge of $7.4 million and asset write-offs of $400,000. That compared with net income of $39.6 million, or 61 cents a share, for the 1995 fourth quarter. Sales increased 3% to $311.8 million from $303.1 million.