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Allergan plc Message Board

  • modelportfolio2003 modelportfolio2003 Nov 2, 2004 11:43 AM Flag

    AGN should be trading above $80!

    After reviewing announcement of their results, it seems that investors are undervaluing AGN, IMO. It was a high quality quarter, showing that AGN can grow EPS by 18% year over year, an excellent result in today's pharma universe. MRK would kill for these results!! Sales grew 23%, ex currency!

    Botox sales of $175 MM were up 25% YOY and above expectations. The recent approval for hyperhidrosis is helping too. The growth in the Botox franchise is steaming ahead and AGN continues to push additional therapeutic indications such as headache, overactive bladder and postherpetic neuralgia.

    Alphagain sales were above forecast as generic alphagen is having a minimal impact on Alphagan P sales. AGN raised guidance for Alphagan from $215-225MM to $245-$265MM for the full year.

    Restasis upside was helped by the DTC campaign in the US that began in late August.

    AGN said it was starting Phase I studies for its PPI product for GERD and alpha agonist for neuropathic pain.

    After these results, stock should be up much more than the $1.75 it has regained since the announcement. At $88, stock would be trading at 27 times 05 estimates, a reasonable level.

    Go AGN.


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