Allergan thrives with Botox but is unloading Lap-Band

The company: Allergan Inc.

Headquarters: Irvine

Ticker: AGN

Employees: 10,800

Leadership: David E.I. Pyott, chief executive since 1998

Revenue: $5.8 billion in 2012

Net income: $1.1 billion in 2012

Stock price: $108.60 at Friday's close

52-week range: $81.28 to $109.31

P/E ratio: 22.8 based on 2013 estimated earnings

Annual dividend: 5 cents, a current yield of about 0.2%

The business

This is the company that makes Botox. The wrinkle-erasing drug is Allergan's top-selling product — with sales expected to reach $2 billion in 2013.

But there's more to Allergan than wrinkle medicine. The self-described "multi-specialty healthcare company" also sells breast implants, a prescription drug that enhances eyelashes, a line of ophthalmic pharmaceuticals and, at least for now, the Lap-Band weight-loss device.

The company reported record sales of $5.8 billion in 2012 and expects robust sales again this year —$5.9 billion to $6.2 billion. Its stock hit an all-time high of $109.31 on Feb. 19.

Allergan decided to unload its "obesity intervention" division — primarily the Lap-Band — amid declining sales and patient deaths. The company expects to complete the sale by the end of June.

Revenue will grow this year even without the Lap-Band, said David E.I. Pyott, the company's board chairman, president and chief executive. Allergan's weight-loss division had $160 million in sales in 2012 — less than 3% of its total revenue.

Recent acquisitions could make up for the lost weight-loss business. In the last three months, Allergan announced acquisitions of MAP Pharmaceuticals Inc. (its inhaled migraine drug Levadex is under review by the Food and Drug Administration) and SkinMedica Inc.'s skin care business.

The latest

Botox has some new competition.