Allergan Posts Impressive 2Q While Awaiting Generic Restasis; Shares Still Look Undervalued
We don't anticipate any major change to our forecast or fair value estimate for wide-moat Allergan, especially as the launch of a generic Restasis is potentially imminent. As we anticipated, management raised its year-end guidance to reflect no generic Restasis launch in the second quarter, while the new updated range in adjusted EPS between $16 and $16.50 (versus our current estimate of $16.04) reflects the timing of a third-quarter launch. While the current stock price likely still reflects co...
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