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Also traded in: Germany, Mexico

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 5/10

vs
industry
vs
history
Cash to Debt 0.84
NYSE:AGN's Cash to Debt is ranked lower than
60% of the 779 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.56 vs. NYSE:AGN: 0.84 )
Ranked among companies with meaningful Cash to Debt only.
NYSE:AGN' s Cash to Debt Range Over the Past 10 Years
Min: 0.01  Med: 0.44 Max: 43.62
Current: 0.84
0.01
43.62
Equity to Asset 0.63
NYSE:AGN's Equity to Asset is ranked higher than
50% of the 718 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 0.64 vs. NYSE:AGN: 0.63 )
Ranked among companies with meaningful Equity to Asset only.
NYSE:AGN' s Equity to Asset Range Over the Past 10 Years
Min: 0.25  Med: 0.6 Max: 0.9
Current: 0.63
0.25
0.9
F-Score: 7
Z-Score: 1.37
M-Score: -1.94
WACC vs ROIC
7.62%
-0.82%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 6/10

vs
industry
vs
history
Operating margin (%) -7.96
NYSE:AGN's Operating margin (%) is ranked lower than
78% of the 731 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 8.61 vs. NYSE:AGN: -7.96 )
Ranked among companies with meaningful Operating margin (%) only.
NYSE:AGN' s Operating margin (%) Range Over the Past 10 Years
Min: -36.27  Med: 6.95 Max: 14.13
Current: -7.96
-36.27
14.13
Net-margin (%) 83.91
NYSE:AGN's Net-margin (%) is ranked higher than
99% of the 732 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 5.89 vs. NYSE:AGN: 83.91 )
Ranked among companies with meaningful Net-margin (%) only.
NYSE:AGN' s Net-margin (%) Range Over the Past 10 Years
Min: -28.83  Med: 5.41 Max: 83.91
Current: 83.91
-28.83
83.91
ROE (%) 17.67
NYSE:AGN's ROE (%) is ranked higher than
79% of the 755 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 6.84 vs. NYSE:AGN: 17.67 )
Ranked among companies with meaningful ROE (%) only.
NYSE:AGN' s ROE (%) Range Over the Past 10 Years
Min: -23.54  Med: 6.44 Max: 17.67
Current: 17.67
-23.54
17.67
ROA (%) 10.38
NYSE:AGN's ROA (%) is ranked higher than
79% of the 786 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 3.58 vs. NYSE:AGN: 10.38 )
Ranked among companies with meaningful ROA (%) only.
NYSE:AGN' s ROA (%) Range Over the Past 10 Years
Min: -13.02  Med: 3.54 Max: 10.38
Current: 10.38
-13.02
10.38
ROC (Joel Greenblatt) (%) -26.72
NYSE:AGN's ROC (Joel Greenblatt) (%) is ranked lower than
77% of the 776 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 13.31 vs. NYSE:AGN: -26.72 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
NYSE:AGN' s ROC (Joel Greenblatt) (%) Range Over the Past 10 Years
Min: -113.61  Med: 20.42 Max: 38.44
Current: -26.72
-113.61
38.44
Revenue Growth (3Y)(%) -3.80
NYSE:AGN's Revenue Growth (3Y)(%) is ranked lower than
76% of the 601 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 5.50 vs. NYSE:AGN: -3.80 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
NYSE:AGN' s Revenue Growth (3Y)(%) Range Over the Past 10 Years
Min: -14  Med: 16.2 Max: 40.4
Current: -3.8
-14
40.4
EBITDA Growth (3Y)(%) 1.00
NYSE:AGN's EBITDA Growth (3Y)(%) is ranked lower than
66% of the 568 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 9.40 vs. NYSE:AGN: 1.00 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
NYSE:AGN' s EBITDA Growth (3Y)(%) Range Over the Past 10 Years
Min: -39.9  Med: 3.6 Max: 33.2
Current: 1
-39.9
33.2
GuruFocus has detected 5 Warning Signs with Allergan PLC $NYSE:AGN.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» NYSE:AGN's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow
Oprt. Cash Flow & Net Income

» Details

Guru Trades

Q1 2016

AGN Guru Trades in Q1 2016

Seth Klarman 1,721,587 sh (New)
Steve Mandel 1,789,239 sh (New)
Jerome Dodson 40,000 sh (New)
Ron Baron 27,278 sh (+132.11%)
Lee Ainslie 1,410,362 sh (+107.43%)
Eric Mindich 1,875,073 sh (+97.67%)
Paul Tudor Jones 100,489 sh (+97.59%)
David Tepper 279,109 sh (+86.07%)
Wallace Weitz 304,722 sh (+55.34%)
Paul Singer 2,497,051 sh (+23.59%)
Mario Gabelli 39,798 sh (+18.90%)
Pioneer Investments 700,680 sh (+10.76%)
David Carlson 370,000 sh (+8.82%)
David Einhorn 437,200 sh (+6.63%)
Diamond Hill Capital 60,724 sh (+6.25%)
Vanguard Health Care Fund 11,187,547 sh (+2.05%)
Alan Fournier 500,000 sh (unchged)
Paul Tudor Jones 140,000 sh (unchged)
Paul Singer 770,000 sh (unchged)
John Paulson 214,700 sh (unchged)
John Hussman 5,000 sh (unchged)
Louis Moore Bacon Sold Out
Jim Simons Sold Out
Steven Cohen Sold Out
First Pacific Advisors Sold Out
John Paulson 5,418,300 sh (-2.07%)
Ken Fisher 3,225 sh (-2.45%)
Private Capital 161,728 sh (-2.58%)
Signature Select Canadian Fund 34,300 sh (-3.11%)
Ruane Cunniff 1,025,555 sh (-5.55%)
RS Investment Management 330,590 sh (-6.29%)
Daniel Loeb 5,000,000 sh (-7.41%)
Bernard Horn 17,389 sh (-15.95%)
Andreas Halvorsen 4,881,957 sh (-18.34%)
John Griffin 1,502,700 sh (-24.87%)
Leon Cooperman 561,265 sh (-28.21%)
Jeremy Grantham 188,267 sh (-33.24%)
Scott Black 4,905 sh (-34.19%)
Alan Fournier 500,000 sh (-34.71%)
First Eagle Investment 371,770 sh (-44.51%)
George Soros 143,277 sh (-60.79%)
Jana Partners 446,893 sh (-61.63%)
Joel Greenblatt 14,367 sh (-65.99%)
Samuel Isaly 341,025 sh (-0.58%)
» More
Q2 2016

AGN Guru Trades in Q2 2016

Jeff Auxier 1,050 sh (New)
Robert Bruce 25,000 sh (New)
John Burbank 708,071 sh (New)
Carl Icahn 3,400,000 sh (New)
David Tepper 1,260,809 sh (+351.73%)
Jerome Dodson 102,000 sh (+155.00%)
Alan Fournier 1,171,614 sh (+134.32%)
Wallace Weitz 595,961 sh (+95.58%)
Mario Gabelli 60,913 sh (+53.06%)
RS Investment Management 489,611 sh (+48.10%)
Joel Greenblatt 20,529 sh (+42.89%)
Scott Black 6,365 sh (+29.77%)
Pioneer Investments 888,950 sh (+26.87%)
Leon Cooperman 671,212 sh (+19.59%)
Seth Klarman 2,001,978 sh (+16.29%)
David Carlson 430,000 sh (+16.22%)
Ken Fisher 3,594 sh (+11.44%)
Paul Singer 2,735,000 sh (+9.53%)
Vanguard Health Care Fund 12,066,307 sh (+7.85%)
Diamond Hill Capital 62,502 sh (+2.93%)
Daniel Loeb 500,000 sh (unchged)
Alan Fournier 1,100,000 sh (unchged)
John Burbank 90,000 sh (unchged)
John Paulson 214,700 sh (unchged)
Paul Singer 3,000,300 sh (unchged)
Louis Moore Bacon 12,000 sh (unchged)
Bernard Horn 17,389 sh (unchged)
First Eagle Investment Sold Out
Jana Partners Sold Out
Steve Mandel Sold Out
Eric Mindich Sold Out
Jeremy Grantham Sold Out
David Einhorn Sold Out
John Hussman Sold Out
Daniel Loeb 4,900,000 sh (-2.00%)
Private Capital 137,319 sh (-15.09%)
John Paulson 3,948,451 sh (-27.13%)
Lee Ainslie 878,319 sh (-37.72%)
George Soros 80,735 sh (-43.65%)
Ron Baron 13,923 sh (-48.96%)
John Griffin 700,900 sh (-53.36%)
Andreas Halvorsen 1,939,703 sh (-60.27%)
Paul Tudor Jones 34,942 sh (-65.23%)
Ruane Cunniff 3,435 sh (-99.67%)
Samuel Isaly 273,025 sh (-19.94%)
» More
Q3 2016

AGN Guru Trades in Q3 2016

Tom Gayner 2,000 sh (New)
Manning & Napier Advisors, Inc 10,510 sh (New)
Jeff Auxier 6,750 sh (+542.86%)
John Griffin 1,259,200 sh (+79.65%)
Ron Baron 17,109 sh (+22.88%)
Ken Fisher 4,024 sh (+11.96%)
Pioneer Investments 982,212 sh (+10.49%)
Signature Select Canadian Fund 36,100 sh (+5.25%)
David Carlson 450,000 sh (+4.65%)
Jerome Dodson 104,500 sh (+2.45%)
Wallace Weitz 609,963 sh (+2.35%)
Scott Black 6,405 sh (+0.63%)
Samuel Isaly 350,880 sh (+28.52%)
Bernard Horn 17,389 sh (unchged)
Seth Klarman 2,001,978 sh (unchged)
Paul Singer 2,735,000 sh (unchged)
Paul Singer 2,099,700 sh (unchged)
Louis Moore Bacon 12,000 sh (unchged)
Alan Fournier 1,100,000 sh (unchged)
George Soros 80,735 sh (unchged)
John Paulson 214,700 sh (unchged)
Robert Bruce 25,000 sh (unchged)
Joel Greenblatt Sold Out
Lee Ainslie Sold Out
Andreas Halvorsen Sold Out
Vanguard Health Care Fund 11,917,739 sh (-1.23%)
John Paulson 3,891,134 sh (-1.45%)
Private Capital 134,667 sh (-1.93%)
David Tepper 1,218,309 sh (-3.37%)
Mario Gabelli 55,988 sh (-8.09%)
Ruane Cunniff 3,075 sh (-10.48%)
Diamond Hill Capital 52,179 sh (-16.52%)
Leon Cooperman 541,122 sh (-19.38%)
Paul Tudor Jones 27,428 sh (-21.50%)
Daniel Loeb 3,785,000 sh (-22.76%)
Alan Fournier 621,214 sh (-46.98%)
John Burbank 375,134 sh (-47.02%)
Carl Icahn 425,438 sh (-87.49%)
» More
Q4 2016

AGN Guru Trades in Q4 2016

Jerome Dodson 170,000 sh (+62.68%)
Ken Fisher 4,048 sh (+0.60%)
Spiros Segalas 2,447,691 sh (+18.71%)
» More
» Details

Insider Trades

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Preferred stocks of Allergan PLC

SymbolPriceYieldDescription
AGNPRA786.287.065 1/2 % Cum.Conv.Pref.Shs 2015-1.3.18 Series -A-

Business Description

Industry: Drug Manufacturers » Drug Manufacturers - Specialty & Generic    NAICS: 325412 
Compare:NYSE:TEVA, OTCPK:TKPYY, NYSE:ZTS, NAS:MYL, OTCPK:ESALY, OTCPK:SGIOY, OTCPK:MKGAY, NYSE:PRGO, OTCPK:MTZPY, OTCPK:APNHY, OTCPK:SFOSF, OTCPK:HLUKF, NYSE:RDY, OTCPK:IPSEY, OTCPK:HKMPF, NYSE:MNK, NYSE:VRX, NAS:OPK, OTCPK:HYPMY, NYSE:TARO » details
Traded in other countries:A60.Germany, AGN N.Mexico,
Allergan PLC is a specialty pharmaceutical company. The Company is engaged in developing, manufacturing and distributing generic, brand and biosimilar products.

Allergan PLC, formerly known as Actavis PLC was incorporated in Ireland on May 16, 2013. It is an integrated specialty pharmaceutical company. The Company is engaged in development, manufacturing, marketing, sale and distribution of generic, branded generic, brand name, biosimilar and over-the-counter pharmaceutical products. It also develops and out-license generic pharmaceutical products in Europe through its Medis third-party business. It operates in three segments, Pharma, Specialty Brands and Anda Distribution. The Pharma segment includes off-patent pharmaceutical products that are therapeutically equivalent to proprietary products. The Specialty Brands segment includes patent-protected products and certain trademarked off-patent products that the Company sells and markets as brand pharmaceutical products. The Anda Distribution segment distributes generic and brand pharmaceutical products manufactured by third parties, as well as by the Company to independent pharmacies, pharmacy chains, pharmacy buying groups and physicians' offices. It competes with generic manufacturers of pharmaceutical products. It is subject to extensive, complex and evolving regulation by the federal government, the FDA, and to a lesser extent, by the U.S. Drug Enforcement Administration Occupational Safety and Health Administration and state government agencies, as well as by various regulatory agencies in foreign countries where its products or product candidates are being manufactured and/or marketed. The Federal Food, Drug and Cosmetic Act, the Controlled Substances Act and other federal statutes and regulations govern or influence the testing, manufacturing, packing, labeling, storing, record keeping, safety, approval, advertising, promotion, sale and distribution of its products.

Guru Investment Theses on Allergan PLC

Weitz Funds Comments on Allergan - Nov 11, 2016

Allergan (NYSE:AGN) is a global specialty pharmaceutical company focusing on the development, manufacturing, marketing and distribution of brand name, biosimilar and over-the-counter (OTC) pharmaceutical products. One week after closing the sale of Actavis generics to Teva Pharmaceuticals, Allergan reported mildly disappointing top-line results for the quarter. Importantly, however, Allergan’s “core” products continue to grow nicely, with five of the company’s seven core therapeutic categories growing by double digits (in constant currency) versus the prior year. Our base case valuation of $350-360 per share does not depend on Allergan hitting CEO Brent Saunders’ goal of double- digit organic growth. However, strong, high single-digit organic sales growth appears achievable, as the company’s recently launched products continue to scale. One near-term positive of a lower share price is that Allergan’s $5 billion in share repurchases between now and year end will go further, and deployment of a portion of the company’s nearly $28 billion in cash remains a possible catalyst for the stock. The re-emergence of drug pricing as a political issue is not surprising to us as we enter the home stretch of the presidential election. We believe Secretary Clinton’s plan to control and eventually lower prescription drugs costs could negatively impact Allergan’s long-term earnings trajectory (perhaps by $2-3 per share on a base of $18), should she win the election, but with the stock at $240, we believe the risk of permanent loss is low. In short, Allergan’s risk/reward ratio (upside to base case vs. downside to low case) continues to be skewed in favor of the long-term owner.





  • From Weitz Balanced Fund third quarter 2016 commentary.


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Daniel Loeb Comments on Akarna Therapeutics - Nov 02, 2016

Akarna Therapeutics TPV was a founding investor in Akarna in Q1 2015. Akarna focuses on the treatment of Nonalcoholic Steatohepatitis (NASH), also known as fatty liver disease. Akarna was attractive for several reasons:



  • Large market opportunity: Epidemiologic studies suggest that NASH affects 2 – 5% of Americans and is believed to be correlated with increasing rates of obesity, diabetes, and high cholesterol. If left untreated, NASH can lead to liver fibrosis, cirrhosis, and, ultimately, end-stage liver disease. Unfortunately, there are no currently approved treatments for NASH.

  • Derisked mechanism of action: Clinical trials with bile acids have validated farnesoid X receptor agonists as a viable therapeutic agent based on clinical and histological biomarkers of the disease. These trials have also demonstrated a clear need for treatments with still improved efficacy and better side effect profiles.

  • Active area of business development: Over the past few years, the sector has seen burgeoning interest in NASH assets with partnerships or acquisitions (e.g., Gilead / Nimbus, Merck / NGM) occurring at attractive valuations.

The team at Akarna identified a potentially best-in-class lead candidate with an attractive pre-clinical profile in in vitro and animal studies. Akarna also secured a broad intellectual property portfolio around the lead compound family.



In August 2016, just 18 months after Akarna was founded, Allergan acquired the company for an upfront payment of $50 million and undisclosed potential clinical, regulatory, and commercial milestones. For Third Point Ventures, our share of the upfront payment reflects a total return of 3.1x our initial investment. If Allergan (NYSE:AGN) successfully develops and commercializes the Akarna drug, the total return on our investment could be meaningfully larger.



From Third Point's third-quarter 2016 commentary.



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Jerome Dodson Comments on Allergan - Jul 26, 2016

Allergan (NYSE:AGN), an innovative pharmaceutical company best known for developing Botox, reduced the return by 41 basis points as the stock dropped 13.8% from $268.03 to $231.09. The shares sank after Pfizer terminated its plans to acquire Allergan for $160 billion. Pfizer walked away from the deal because of new rules from the U.S. Treasury that prevent tax-lowering corporate inversions. We used the stock’s weakness to increase our position, since Allergan has an attractive collection of durable brands. We also like the fact that the company is in the process of selling its generic drug unit to Teva for $40 billion, which will enable Allergan to repurchase stock, pay down debt and acquire innovative drug companies.


From Jerome Dodson (Trades, Portfolio)'s Parnassus Fund second quarter 2016 commentary.

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Weitz Funds Comments on Allergan - Jul 20, 2016

Allergan (NYSE:AGN) is a global specialty pharmaceutical company focusing on the development, manufacturing, marketing and distribution of generic, brand name, biosimilar and over-the-counter (OTC) pharmaceutical products. The dissolution of Allergan’s merger with Pfizer in April, delays in gaining Federal Trade Commission approval for the sale of its global generics business to TEVA and broader industry concern around prescription drug prices combined to push Allergan’s stock down by 26% during the first half of the calendar year. As we wrote in January, we like the stand-alone Allergan business without the generics business and believe the $ 40 billion sale to TEVA should soon close. There are a number of signs that growth in Allergan’s aesthetics franchise is accelerating, and the company’s key product launches – VIBERZI, VRAYLAR and KYBELLA – appear to be off to healthy starts. The combination of healthy organic growth, debt reduction and meaningful share repurchases should drive per share value creation over our investment horizon. We substantially increased the Fund’s Allergan position during the second quarter at attractive discounts to our business value estimate.



From Weitz Value Fund's Value second quarter 2016 commentary.



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Ruane Cunniff Comments on Allergan - Jul 13, 2016

We exited two smaller positions during the quarter. While Allergan (NYSE:AGN) has a stronger collection of assets and far better outlook than Valeant, we suspect many drug makers will face increasing pressure from health care payers who need to reduce the relentless double-digit inflation rate for branded pharmaceuticals.

From Ruane Cunniff (Trades, Portfolio)'s Sequoia Fund second quarter 2016 shareholder letter.

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Baron Funds Comments on Allergan plc - May 06, 2016

Our conviction to buy Allergan plc (NYSE:AGN) in the first quarter relied on differentiation of Allergan from its specialty pharmaceutical peers (Valeant, Endo, Mallinckrodt) given the quality of its asset mix (Botox, glaucoma drugs, breast implants, aesthetics, etc.) and its non-reliance on distasteful price increases for growth. Admittedly, we were aware of the potential upside to the Pfizer deal and were disappointed with the Treasury’s actions to stem tax inversions. Regardless, we were comfortable with Allergan as a stand-alone company, given the above base business married to the pending closure of the sale of Allergan’s generics portfolio to Teva for approximately $40 billion. This deal (pending over the next quarters) will help drive Allergan’s M&A efforts towards obtaining a more biotech like growth profile, which should both drive increases in top/bottom-line growth and expand the multiple at which investors are willing to value Allergan’s business. However, while our initial thesis remains intact, the entire specialty pharmaceutical space has re-rated given the above-mentioned bad actors. This has pressured the entire space, and we decided to exit specialty pharmaceuticals and focus on the more innovative biotech space going forward.





From Baron Opportunity Fund first quarter 2016 commentary.







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Weitz Funds Comments on Allergan - Apr 25, 2016

Allergan (NYSE:AGN) is a global specialty pharmaceutical company focused on the development, manufacturing, marketing and distribution of generic, brand name, biosimilar and over-the-counter pharmaceutical products. A combination of factors contributed to the decline in Allergan’s stock during the quarter, including continued discussions of potential drug price regulation, regulatory delays in closing the company’s sale of its generic drug operations to TEVA and uncertainty around the viability of the proposed merger with Pfizer (which, subsequent to quarter end, has officially been called off). We believe the risk of the TEVA transaction falling through is low, and the company’s collection of durable growth assets, management acumen and balance sheet optionality create multiple paths for durable shareholder value creation in the years ahead. We added to our position during the quarter.



From Weitz Funds' Research Fund commentary 1st quarter.



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Bernard Horn Comments on Allergan PLC - Mar 21, 2016

In healthcare, pharmaceutical maker Allergan PLC (NYSE:AGN) was expected to achieve 80% of an estimated $1.8 billion in synergies stemming from recent acquisitions by the end of the first quarter of 2016. With valuable drugs like Botox and a rich R&D pipeline, Allergan was approached by Pfizer. Pfizer held preliminary and friendly discussions to acquire Allergan, which will offer Pfizer a low tax domicile in Dublin.

From Bernard Horn (Trades, Portfolio)'s Global Value Fund annual letter 2015.



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GAMCO Global Growth Fund Comments on Allergan Plc - Feb 22, 2016

Allergan plc (NYSE:AGN) (3.4% of net assets as of December 31, 2015) (AGN – $312.50 – NYSE) markets a portfolio of best-in-class products that provide valuable treatments for the central nervous system, eye care, medical aesthetics, gastroenterology, women's health, urology, cardiovascular and anti-infective therapeutic categories, and operates the world's third largest global generics business, providing patients around the globe with increased access to affordable, high-quality medicines. Allergan is an industry leader in research and development, with one of the broadest development pipelines in the pharmaceutical industry and a leading position in the submission of generic product applications globally. A combination with Pfizer is pending and should close sometime this year.





From the GAMCO Global Growth Fund fourth quarter 2015 commentary.



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Baron Funds Comments on Allergan - Jan 27, 2016

Allergan plc (NYSE:AGN) is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing brand, generic and biosimilar products. Probably best known for its Botox, Allergan has undergone a massive, M&A driven transformation after combinations with Forest Labs ($25 billion) and Actavis ($66 billion) have created a $120 billion behemoth. In the process, the company has upgraded its quality of earnings and diversified away from legacy dermatology and ophthalmology businesses. Our analysis suggested that Allergan’s earnings could rise from about $15/share this year, to about $25/share in five years making it attractive enough to initiate a small position. Late in the fourth quarter, Pfizer made a long speculated cash and stock bid to acquire Allergan at about a 20% premium to its price. So-called “tax inversion” is one of the goals analysts believe Pfizer was after in attempting to acquire Allergan, and various U.S. politicians have spoken out about the need to try and prevent these kinds of transactions. We believe Allergan should do well regardless of whether this deal will go through or not (although, we think that it will) as the stock did not move and continues to trade at about 20% discount to Pfizer’s offer price.



From the Baron Fifth Avenue Growth Fund Fourth Quarter 2015 Letter.



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Weitz Funds Comments on Allergan - Jan 25, 2016

Allergan (NYSE:AGN) is a global specialty pharmaceutical company focusing on the development, manufacturing, marketing and distribution of generic, brand name, biosimilar and over-the-counter (OTC) pharmaceutical products. Shares of Allergan were volatile during the quarter, providing us the opportunity to meaningfully increase our position at attractive prices. Following several months of speculation, Pfizer and Allergan announced their intention to combine on November 23rd. Assuming the deal is consummated as presently structured, Allergan shareholders would receive 11.3 shares of the combined Pfizer-Allergan for each existing Allergan share. Potential tax and regulatory hurdles remain, but we are optimistic on Allergan’s business prospects in either scenario - standalone or in combination with Pfizer. We have generally positive impressions from ongoing diligence on Pfizer’s business.



From the Weitz Funds' Research Fund shareholder letter for fourth quarter 2015.



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Wallace Weitz Comments on Allergan - Jan 22, 2016

Allergan (NYSE:AGN) is a global specialty pharmaceutical company focusing on the development, manufacturing, marketing and distribution of generic, brand name, biosimilar and over-the-counter (OTC) pharmaceutical products. Shares of Allergan were volatile during the quarter, providing us the opportunity to meaningfully increase our position at attractive prices. Following several months of speculation, Pfizer and Allergan announced their intention to combine on November 23rd. Assuming the deal is consummated as presently structured, Allergan shareholders would receive 11.3 shares of the combined Pfizer-Allergan for each existing Allergan share. Potential tax and regulatory hurdles remain, but we are optimistic on Allergan’s business prospects in either scenario - standalone or in combination with Pfizer. We have generally positive impressions from ongoing diligence on Pfizer’s business.

From Wallace Weitz (Trades, Portfolio)'s fourth quarter 2015 Value Fund commentary.

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Wallace Weitz Comments on Allergan - Oct 27, 2015

Allergan (NYSE:AGN) is a global specialty pharmaceutical company focusing on the development, manufacturing, marketing and distribution of generic, brand name, biosimilar and over-the-counter (OTC) pharmaceutical products. Formerly Actavis, the “new” Allergan is a collection of significant acquisitions over the past 4-5 years, including Watson Pharmaceuticals, Warner Chilcott, Forest Laboratories and legacy Allergan. In late July, Allergan announced the divestiture of its global generics business to Teva for $40.5B, which we believe is a terrific sale price for AGN. Assuming the transaction closes as expected, Allergan should begin calendar 2016 as a pure-play branded pharmaceutical manufacturer with high single digit annual growth prospects and a reloaded balance sheet. We believe the stock is compelling at current prices.



From Wallace Weitz (Trades, Portfolio)'s 3Q 2015 commentary.

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Largest Insider Buys for Allergan PLC (NYSE:AGN), Mondelez International Inc. (NASDAQ:MDLZ), Enterprise Products Partners LP (NYSE:EPD) and Occidental Petroleum Corp (NYSE:OXY). Read more...
Weitz Funds Comments on Allergan Guru stock highlight
Allergan (NYSE:AGN) is a global specialty pharmaceutical company focusing on the development, manufacturing, marketing and distribution of brand name, biosimilar and over-the-counter (OTC) pharmaceutical products. One week after closing the sale of Actavis generics to Teva Pharmaceuticals, Allergan reported mildly disappointing top-line results for the quarter. Importantly, however, Allergan’s “core” products continue to grow nicely, with five of the company’s seven core therapeutic categories growing by double digits (in constant currency) versus the prior year. Our base case valuation of $350-360 per share does not depend on Allergan hitting CEO Brent Saunders’ goal of double- digit organic growth. However, strong, high single-digit organic sales growth appears achievable, as the company’s recently launched products continue to scale. One near-term positive of a lower share price is that Allergan’s $5 billion in share repurchases between now and year end will go further, and deployment of a portion of the company’s nearly $28 billion in cash remains a possible catalyst for the stock. The re-emergence of drug pricing Read more...
John Paulson’s Health Care Stocks Drop Far Below Sector Return Losses and redemptions mount despite Paulson's strong record
After years of uneven returns following his multi-billion-dollar profits shorting the subprime mortgage market in 2007, Paulson’s pain intensified this year as his outsized bet on the wrong health care stocks scuttled returns and spooked investors. Read more...
Ruane Cunniff Cuts Allergan, Berkshire, IBM Largest sale by the guru in 2nd quarter
Ruane Cunniff (Trades, Portfolio) is a value investor focused on the intrinsic value of business. It manages a portfolio composed of 118 stocks with a total value of $10.499 billion. During the second quarter the guru traded the following stocks. Read more...
Robert Bruce Invests in Allergan in 2nd Quarter Guru made fewest quarterly transactions in more than a year
Robert Bruce (Trades, Portfolio) of Bruce & Co. made transactions in five stocks in the second quarter, his fewest in more than a year, but the guru’s activity included deals in some well-known stocks, such as pharmaceutical company Allergan PLC (NYSE:AGN) and Amerco Inc. (NASDAQ:UHAL), the company that owns U-Haul. Read more...
Allergan: An Undervalued Powerhouse After selling its generic units to Teva, Allergan has room for growth
Allergan (NYSE:AGN) is one of the largest pharmaceutical powerhouses, operating in many areas including eye care, facial aesthetics, plastic surgery, skin care and neuroscience and urology. Allergan’s history is quite interesting as the company has grown via many big acquisitions. Read more...
Carl Icahn Buys Allergan Pharmaceutical company is new holding
During the second quarter, Carl Icahn (Trades, Portfolio) of Icahn Capital Management acquired a new holding in Allergan PLC (NYSE:AGN). Read more...
David Tepper Raises Bet on Allergan, Adds 2 New Positions in Latest Quarter Tepper made significant increase to Allergan
During the most recent quarter, world-renowned investor David Tepper (Trades, Portfolio) showed staunch conviction on Allergan while adding just two new positions to his Appaloosa Management portfolio. Read more...
Healthcare Growth Stocks in the S&P 500: Part 2 Weakness in the healthcare sector has created buying opportunities in 7 companies
Introduction Read more...

Ratios

vs
industry
vs
history
P/E(ttm) 6.03
AGN's P/E(ttm) is ranked higher than
95% of the 531 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 27.62 vs. AGN: 6.03 )
Ranked among companies with meaningful P/E(ttm) only.
AGN' s P/E(ttm) Range Over the Past 10 Years
Min: 5.36  Med: 25.14 Max: 366.63
Current: 6.03
5.36
366.63
Forward P/E 13.39
AGN's Forward P/E is ranked higher than
64% of the 67 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 15.95 vs. AGN: 13.39 )
Ranked among companies with meaningful Forward P/E only.
N/A
Price/Owner Earnings (ttm) 4.28
AGN's Price/Owner Earnings (ttm) is ranked higher than
94% of the 288 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 32.46 vs. AGN: 4.28 )
Ranked among companies with meaningful Price/Owner Earnings (ttm) only.
AGN' s Price/Owner Earnings (ttm) Range Over the Past 10 Years
Min: 3.79  Med: 18.55 Max: 1279.04
Current: 4.28
3.79
1279.04
P/B 0.95
AGN's P/B is ranked higher than
88% of the 750 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.86 vs. AGN: 0.95 )
Ranked among companies with meaningful P/B only.
AGN' s P/B Range Over the Past 10 Years
Min: 0.86  Med: 1.74 Max: 5.9
Current: 0.95
0.86
5.9
P/S 4.82
AGN's P/S is ranked lower than
66% of the 709 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.91 vs. AGN: 4.82 )
Ranked among companies with meaningful P/S only.
AGN' s P/S Range Over the Past 10 Years
Min: 0.99  Med: 1.84 Max: 17.57
Current: 4.82
0.99
17.57
PFCF 30.83
AGN's PFCF is ranked lower than
62% of the 200 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 21.43 vs. AGN: 30.83 )
Ranked among companies with meaningful PFCF only.
AGN' s PFCF Range Over the Past 10 Years
Min: 6.62  Med: 15.15 Max: 36.71
Current: 30.83
6.62
36.71
POCF 26.61
AGN's POCF is ranked lower than
69% of the 267 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 16.46 vs. AGN: 26.61 )
Ranked among companies with meaningful POCF only.
AGN' s POCF Range Over the Past 10 Years
Min: 5.97  Med: 12.53 Max: 31.19
Current: 26.61
5.97
31.19
EV-to-EBITDA 16.03
AGN's EV-to-EBITDA is ranked higher than
53% of the 561 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 17.22 vs. AGN: 16.03 )
Ranked among companies with meaningful EV-to-EBITDA only.
AGN' s EV-to-EBITDA Range Over the Past 10 Years
Min: -224.1  Med: 11.6 Max: 386.1
Current: 16.03
-224.1
386.1
Shiller P/E 54.36
AGN's Shiller P/E is ranked lower than
62% of the 159 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 44.99 vs. AGN: 54.36 )
Ranked among companies with meaningful Shiller P/E only.
AGN' s Shiller P/E Range Over the Past 10 Years
Min: 19.13  Med: 53.29 Max: 2115.42
Current: 54.36
19.13
2115.42
Current Ratio 3.95
AGN's Current Ratio is ranked higher than
71% of the 770 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.34 vs. AGN: 3.95 )
Ranked among companies with meaningful Current Ratio only.
AGN' s Current Ratio Range Over the Past 10 Years
Min: 0.99  Med: 2.78 Max: 9.8
Current: 3.95
0.99
9.8
Quick Ratio 3.86
AGN's Quick Ratio is ranked higher than
76% of the 769 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.76 vs. AGN: 3.86 )
Ranked among companies with meaningful Quick Ratio only.
AGN' s Quick Ratio Range Over the Past 10 Years
Min: 0.78  Med: 1.92 Max: 8.82
Current: 3.86
0.78
8.82
Days Inventory 75.03
AGN's Days Inventory is ranked higher than
73% of the 680 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 114.19 vs. AGN: 75.03 )
Ranked among companies with meaningful Days Inventory only.
AGN' s Days Inventory Range Over the Past 10 Years
Min: 66.09  Med: 121.54 Max: 369.82
Current: 75.03
66.09
369.82
Days Sales Outstanding 51.22
AGN's Days Sales Outstanding is ranked higher than
72% of the 622 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 75.25 vs. AGN: 51.22 )
Ranked among companies with meaningful Days Sales Outstanding only.
AGN' s Days Sales Outstanding Range Over the Past 10 Years
Min: 39.05  Med: 63.94 Max: 197.04
Current: 51.22
39.05
197.04
Days Payable 24.73
AGN's Days Payable is ranked lower than
88% of the 569 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 71.85 vs. AGN: 24.73 )
Ranked among companies with meaningful Days Payable only.
AGN' s Days Payable Range Over the Past 10 Years
Min: 24.73  Med: 76.38 Max: 109.48
Current: 24.73
24.73
109.48

Buy Back

vs
industry
vs
history
Forward Dividend Yield 1.30
AGN's Forward Dividend Yield is ranked lower than
63% of the 609 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.62 vs. AGN: 1.30 )
Ranked among companies with meaningful Forward Dividend Yield only.
N/A
Yield on cost (5-Year) 0.09
AGN's Yield on cost (5-Year) is ranked lower than
98% of the 779 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.17 vs. AGN: 0.09 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
AGN' s Yield on cost (5-Year) Range Over the Past 10 Years
Min: 0.08  Med: 0.32 Max: 0.63
Current: 0.09
0.08
0.63
3-Year Average Share Buyback Ratio -45.60
AGN's 3-Year Average Share Buyback Ratio is ranked lower than
92% of the 429 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: -4.40 vs. AGN: -45.60 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
AGN' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -45.6  Med: -6 Max: 2
Current: -45.6
-45.6
2

Valuation & Return

vs
industry
vs
history
Price/Projected FCF 0.98
AGN's Price/Projected FCF is ranked higher than
86% of the 314 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.69 vs. AGN: 0.98 )
Ranked among companies with meaningful Price/Projected FCF only.
AGN' s Price/Projected FCF Range Over the Past 10 Years
Min: 0.6  Med: 1.17 Max: 3.29
Current: 0.98
0.6
3.29
Price/Median PS Value 2.63
AGN's Price/Median PS Value is ranked lower than
87% of the 641 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.13 vs. AGN: 2.63 )
Ranked among companies with meaningful Price/Median PS Value only.
AGN' s Price/Median PS Value Range Over the Past 10 Years
Min: 0.67  Med: 1.36 Max: 8.52
Current: 2.63
0.67
8.52
Earnings Yield (Greenblatt) (%) -1.31
AGN's Earnings Yield (Greenblatt) (%) is ranked lower than
74% of the 759 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 3.20 vs. AGN: -1.31 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
AGN' s Earnings Yield (Greenblatt) (%) Range Over the Past 10 Years
Min: -1.32  Med: 6.1 Max: 12.3
Current: -1.31
-1.32
12.3
Forward Rate of Return (Yacktman) (%) 4.30
AGN's Forward Rate of Return (Yacktman) (%) is ranked lower than
57% of the 344 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 8.63 vs. AGN: 4.30 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) (%) only.
AGN' s Forward Rate of Return (Yacktman) (%) Range Over the Past 10 Years
Min: -5.2  Med: 7.3 Max: 16.1
Current: 4.3
-5.2
16.1

More Statistics

Revenue (TTM) (Mil) $17,093
EPS (TTM) $ 35.41
Beta1.12
Short Percentage of Float5.74%
52-Week Range $184.50 - 301.98
Shares Outstanding (Mil)374.95

Analyst Estimate

Dec16 Dec17 Dec18 Dec19
Revenue (Mil $) 14,507 15,367 16,557 17,604
EPS ($) 13.49 16.03 18.07 20.13
EPS w/o NRI ($) 13.49 16.03 18.07 20.13
EPS Growth Rate
(3Y to 5Y Estimate)
12.71%
Dividends Per Share ($) 1.40 1.87 1.54 3.39
» More Articles for AGN

Headlines

Articles On GuruFocus.com
Teva Is a Hold Nov 30 2016 
Weekly CEO Buys Highlight Nov 29 2016 
Weekly Top Insider Buys Highlight for Week of Nov. 18 Nov 19 2016 
John Griffin Expands Portfolio in 3rd Quarter Nov 16 2016 
Weitz Funds Comments on Allergan Nov 11 2016 
Weitz Balanced Fund 3rd Quarter Commentary Nov 11 2016 
3 Health Industry Sectors Bound to Profit From a Trump Presidency Nov 11 2016 
Markel’s Tom Gayner Buys 4 Stocks During Quarter Nov 08 2016 
Buy Health Care Now? It All Depends on the Election Nov 07 2016 
Allergan: Trading at a Low Earnings Multiple Nov 06 2016 

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