Allergan Inc., maker of Botox, announced that its first quarter profits fell by 58 percent as the recession slowed down sales of eye and beauty products.

Net income fell to $45 million from $108 million a year ago. Analysts estimate that revenue fell by as much as 6.4 percent. Sales of Botox, the company’s flagship product, fell by 18.2 percent. The toxin accounted form almost a third of Allergan’s 2008 sales at $1.3 billion.

“Clearly, the economy will need to change for Allergan to resume significant growth,” commented Sean Lavin, an analyst from Lazard Capital Markets.

Allergan is laying off about 460 sales and marketing employees in its urology business. That comprises about 5 percent of the company’s entire workforce. The streamlining will be done to prepare the company for the upcoming months of recession as consumers cut down on cosmetic expenditures.

According to the LA Times, “Allergan shares fell $2.87, or 6.2%, to $43.79. The shares have fallen 23% in the last 12 months.”