Allergan Still Looks Undervalued as Management Previews 2018 Outlook
Allergan has updated its 2018 outlook and now expects an adjusted EPS of at least $15.25 and revenue of between $15 billion and $15.3 billion. The timing of a generic Restasis launch seems to be the primary factor for revenue falling below our 2018 forecast, but management seems confident that a generic version won’t enter the market in the first quarter. Although we may pull our midyear generic Restasis launch estimate slightly forward, we don’t anticipate a change in our longer-term assumption...
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