Allergan finds Botox can't smooth everything the company frowns upon

Allergan Inc. (AGN), the maker of the wrinkle-smoother Botox, reported profit fell 58 percent as the recession slowed sales of the frown line drug, as well as sales of eye and beauty products.

First quarter net income dropped to $45 million, or 15 cents a share, but excluding items it was 55 cents a share, beating by two cents analyst estimates, according to Bloomberg. First-quarter revenue fell 6.4 percent to $1.01 billion, matching analysts' estimates. Sales of Botox, which accounted for almost a third of Allergan's revenue in 2008, or $1.3 billion, dropped 18.2 percent to $297.3 million.