More Bad Headlines for Allergan, but Stock Price Still Looks Unwarranted; Maintaining FVE
Allergan’s stock is probably seeing additional weakness from two announcements: Mylan’s biosmilar Botox partnership with Revance and the Food and Drug Administration's extension of the PDUFA date for Allergan's uterine fibroid drug, Esmya. While not positive news for Allergan, these items don’t materially affect our forecasts or wide moat rating for now. We still think Allergan, which is trading below 10 times our 2018 earnings estimate, is considerably undervalued despite the trickle of bad hea...
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