Shares of Irvine, Calif-based aesthetic medical device and pharmaceutical company Allergan rise on Wall Street after the company reports strong profits in the 2nd quarter.

Allergan (NYSE:AGN) is sitting pretty, following stronger than expected results for the 2nd quarter, despite a precipitous drop-off in the company's Lap-Band obesity treatment business.

The Irvine, Calif-based medical aesthetic medical device and pharmaceutical company reported net earnings of $295.4 million on $1.49 billion in sales, a 19% increase from the $246.6 million on $1.42 billion in sales the company reported for the same period last year.