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Allergan Reports Drug Development Delay, Lower Profits

Allergan Inc. (AGN) said it won't advance two of its key pipeline drugs into late stage trials needed for regulatory approval as quickly as it had hoped, sending the Botox maker's shares tumbling 12% and handing a big win to a competing drug maker.Chief Executive David Pyott said early data from a clinical study of its vision-loss drug DARPin don't merit moving the therapy into a late stage trial needed to gain approval from the U.S. Food and Drug Administration. The drug's eventual approval, still uncertain, will be delayed by one to two years, Mr. Pyott said, as the company conducts an additional midstage trial of the drug.Also, development of the company's experimental hair-loss treatment, Bimatoprost, will be delayed, the company said. The effectiveness of the drug in a mid stage trial doesn't warrant putting it into a late stage trial in the immediate future.Allergan made the disclosures during a conference call with analysts to discuss the company's first-quarter earnings, which ...

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