If beauty is in the eye of the beholder, Allergan's (AGN) earnings today were very pretty to some and not so pretty to others.

The maker of Botox and breast implants reported a higher-than-expected Q1 profit. But it also said earnings in Q2 would come in below Wall Street estimates.

While some analysts called it a strong report overall, investors were unnerved by the weak forecast. They bid shares down 3% from near an all-time high.

Allergan Chief Executive David Pyott joins the guys for this conversation.

Dylan Ratigan asks if Allergan is benefiting from the aging population?

Pyott says his company is firing on all cylinders. For example, sales in his medical aesthetics business is up 55% this year.

Is that a function of aging, Dylan asks?

Not really, replies Pyott. New product approvals and the public’s desire to improve appearance are mostly behind the increase.

Dylan asks if Botox use has peaked?

The Botox market is rapidly growing, says Pyott.  And AGN owns 92% of the market.

Dylan asks Jeff Macke what he thinks about Allergan stock.

Jeff says the stock is a buy, partly because the company keeps Wall Street expectations well under control.

Questions? Comments?

Trader disclosure:
On May 2, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders;Strazzini Owns (C), (MPEL), (MER), (NWS-A) Bolling Owns (MPEL), Bolling Owns Natural Gas Futures
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