Allergan Looks Oversold Following Mixed Third Quarter as Overall Thesis Remains Intact
With a generic version of Restasis still not approved in the U.S., wide-moat Allergan unsurprisingly raised its year-end outlook for $15.6 billion to $15.7 billion in revenue and adjusted EPS of $16.20 to $16.60. Despite the ongoing positive on Restasis, Allergan did face a few negative surprises this quarter from an Ozurdex recall in some international markets and below-expected CoolSculpting sales on promotional activity. Additionally, recent data for abicipar in neovascular AMD also suggest t...
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