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Nov 6 2007, 8:00 AM EST

Allergan Reports Third Quarter Operating Results

News source: Business Wire

Allergan, Inc. (NYSE:AGN) today announced operating results for the quarter ended September 28, 2007. Allergan also announced that its Board of Directors has declared a third quarter dividend of $0.05 per share, payable on November 30, 2007 to stockholders of record on November 9, 2007.

Operating Results

For the quarter ended September 28, 2007:

-- Allergan reported $0.50 diluted earnings per share from continuing operations compared to $0.35 diluted earnings per share reported for the third quarter of 2006.

-- Allergan's adjusted diluted earnings per share from continuing operations were $0.58 in the third quarter of 2007, compared to adjusted diluted earnings per share of $0.47 in the third quarter of 2006, a 23.4% year-over-year increase. Adjusted diluted earnings per share for the third quarters of 2007 and 2006 exclude the non-GAAP adjustments to diluted earnings per share that are contained in the financial tables of this press release.

Product Sales

For the quarter ended September 28, 2007:

-- Allergan's total product net sales were $978.7 million. Total product net sales increased 23.6 percent, or 20.9 percent at constant currency, compared to total product net sales in the third quarter of 2006.

        -- Total specialty pharmaceuticals net sales increased 16.1
           percent, or 13.4 percent at constant currency, compared to
           total specialty pharmaceuticals net sales in the third
           quarter of 2006.

        -- Total core medical devices net sales increased 66.0
           percent, or 62.7 percent at constant currency, compared to
           total core medical devices net sales in the third quarter
           of 2006.

"Allergan operates in a wide range of exceptionally high growth global medical device and specialist biopharmaceutical markets where we play a market leadership role with many innovative products. These dynamics have led to another quarter of superb sales and earnings growth," said David E.I. Pyott, Allergan's Chairman of the Board and Chief Executive Officer. "Furthermore, beyond these current opportunities, recently supplemented by the FDA approval of COMBIGAN(TM), our vigorous investment into R&D as well as our entry into urologics should fuel additional growth over the long-term."

Product and Pipeline Update

During the third quarter of 2007:

-- In July 2007, Apotex filed a Petition for Writ of Certiorari in the United States Supreme Court regarding the affirmation by the United States Court of Appeals for the Federal Circuit of the district court's ruling in favor of Allergan and Roche Palo Alto, LLC, formerly known as Syntex (U.S.A.) LLC, in a patent infringement lawsuit against Apotex, Inc., Apotex Corp., and Novex Pharma (the "Defendants"). The district court's ruling prevents the Defendants, together with all persons and entities acting in concert with the Defendants, from obtaining U.S. Food and Drug Administration (FDA) approval to market a generic version of Allergan's product ACULAR(R) (ketorolac tromethamine ophthalmic solution) 0.5% and enjoins the Defendants from manufacturing or selling their product before U.S. Patent No. 5,110,493 expires in 2009. On October 1, 2007, the Supreme Court of the United States denied Apotex's Petition for Writ of Certiorari.

-- In August 2007, in connection with our settlement of certain European litigation with Merz, we granted Merz a global, royalty-bearing license for patents and patent applications relating to a neurotoxic component of botulinu

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