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The company predicted flat to slow growth in sales of silicone breast implants, which were recently reintroduced to the US market and seen as a major profit ...

CHICAGO (Reuters) - Medical device maker Allergan Inc. (AGN.N: Quote, Profile , Research), which sells the Botox wrinkle treatment, on Wednesday said quarterly profit fell, and forecast 2007 earnings below Wall Street expectations on sluggish growth in its silicone breast implants.

The company predicted flat to slow growth in sales of silicone breast implants, which were recently reintroduced to the U.S. market and seen as a major profit driver. Its 2007 earnings forecast of $4.27 to $4.31 per share falls below the average analyst forecast of $4.35 per share.

"The expectations had been that given the pricing, they were going to double the franchise," for breast implants, said Corey Davis, an analyst at Natexis Bleichroeder. The company had previously sold saline implants and the new silicone implants are nearly double the price.

"The chatter is you are not seeing a huge spike in uptake," he said.

U.S. regulators lifted a 1992 ban on the silicone implants in November.

Irvine, California-based Allergan reported net income of $136.8 million, or 89 cents per share, compared with $140.1 million, or $1.03 a share a year earlier.

Excluding items, the company earned $1.02 per share, matching Wall Street analysts' average forecasts, according to Reuters Estimates.

Revenue rose to $829.1 million, from $599 million, buoyed by products acquired when it bought rival Inamed, maker of silicone breast implants.

Eye care product sales rose to $386 million from $340 million a year earlier. Botox and related product sales rose to $273 million from $227 million a year earlier. Breast product sales were $58.5 million.

The company forecast first-quarter profit excluding items of 88 cents to 90 cents per share. Analysts polled by Reuters Estimates forecast 98 cents per share.

Shares rose $1.51 to $117.38 on the New York Stock Exchange