Allergan Loses Restasis Patent Battle, but Long-Term Outlook Remains Intact; Shares Undervalued
We’re lowering our fair value estimate for Allergan to $273 as patents for Restasis have been invalidated following recent litigation. Although Allergan intends to appeal the decision, we imagine this leads to near-term generic launch. The timing of a generic launch remains uncertain because of the product's complexity, but we’re pulling our estimate forward to early 2018 from our previous estimate of 2021 (which originally probability weighted the potential for the drug’s 2024 patents to be uph...
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