Allergan Posts Strong 1Q as Generic Restasis Timing Remains Uncertain
Wide-moat Allergan's first-quarter results were mostly within our expectations, as the company reported 2.8% growth while contending with generic competition on a number of products, including Minastrin and Estrace. Since Allergan has not yet faced generic competition on Restasis, management unsurprisingly lifted its year-end top- and bottom-line outlook. Our $15.70 adjusted EPS estimate for the year is now near the low end of management’s guidance range, due in part to the company’s share repur...
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