Allergan Resets Year-End Expectations, but Key Franchises Remain Strong
Even though Allergan missed expectations in the third quarter and management has lowered its year-end outlook, we anticipate only a relatively minor reduction in our fair value estimate. Relative to our forecast, the underperformance stemmed from two primary sources—some stronger-than-anticipated pricing headwinds and some higher-than-expected spending on promotional efforts for recently launched products. We still think Allergan’s diversified and innovative products combined with a healthy pipe...
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