Report
Michael Waterhouse
EUR 147.86 For Business Accounts Only

Allergan Remains Compelling, Undervalued Wide-Moat Company

As we previously anticipated in our second-quarter note for Allergan, we’ve slightly lowered our fair value estimate to $355 per share from $370, with the roughly 4% decline resulting from fine-tuning our forecasts for a number of its products, including slight reductions for Restasis, Namenda XR, and Bystolic partially offset by increased forecasts for Linzess and Lo Loestrin. We've also included higher near-term marketing costs on recent launches like Viberzi, Kybella, and Vraylar. Additionall...
Underlying
Allergan plc

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Michael Waterhouse

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