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Whither the economy?

Allergan’s (NYSC:AGN) Q4 2008 results may hold a clue.

Sales of breast implants fell 12 percent year over year, and sales of skin-plumpers and –fillers fell 8.8 percent. But the real story may be that even sales of Botox – which many swore they would never give up – fell 3 percent. Together, these led to a drop in net sales of about 3 percent for Allergan.

The company has introduced incentives to encourage consumers to save face despite the downturn: a $50 coupon for Botox and a $100 rebate for two syringes of Juvéderm. Whether these will be sufficient to keep Allergan off the growing list of companies planning layoffs remains to be seen.