UPDATE 4-Allergan profit rises but Botox sales lag

(Adds conference call, analyst comment, byline)

By Debra Sherman

CHICAGO, July 30 (Reuters) - Allergan Inc (AGN.N: Quote, Profile, Research) said on Wednesday second-quarter earnings rose, matching Wall Street's estimates, even as sales of Botox and other key products were lower than expected.

While total sales rose 20 percent during the quarter, some key products, like Botox -- its biggest product -- missed Street estimates.

Amit Hazan, an analyst with Oppenheimer, blamed the smaller-than-expected Botox sales on economic weakness in the United States.

"We continue to believe Street Botox estimates are too high through 2009," he wrote in a research note. "World wide facial aesthetics sales of $64.2 million did beat the Street's $59.2 million ... but we continue to view this segment with high caution due to the economy."

The Irvine, California, company said it earned $147.3 million, or 48 cents per share, compared with $138 million, or 45 cents per share, in the year-earlier period.

Excluding special charges, including legal expenses of $9 million tied to a U.S. Department of Justice investigation involving promotional practices of Botox, Allergan earned 63 cents a share. Analysts on average expected 63 cents per share, according to Reuters Estimates.

Quarterly revenue jumped 20 percent to $1.16 billion, helped by favorable foreign exchange translations.