Earnings fall for Allergan

Allergan announced a net income of $12.5 million for the first quarter of 2013, compared to $229.8 million in the same quarter last year. The company also reported an 8.4 percent increase in net sales, to $1.4 billion, with specialty pharmaceutical sales increasing 8.1 percent and medical device sales increasing 10.2 percent.

Allergan did not comment directly on the decrease in net income but did report a non-cash pre-tax disposal loss of $346.2 million from the write-down of net assets related to the sale of its obesity intervention business unit.