Guru	Date	Trades	Impact to Portfolio	Price Range * (?)	Current Price	Change from Average	Current Shares
Vanguard Health Care Fund	2017-06-30	Reduce -2.19%	0.14%	$218.73 - $248.91	$ 223.99	-5%	11,426,334
John Paulson	2017-06-30	Reduce -8.10%	0.76%	$218.73 - $248.91	$ 223.99	-5%	2,703,570
David Tepper	2017-06-30	Reduce -14.56%	1.68%	$218.73 - $248.91	$ 223.99	-5%	2,509,619
Wallace Weitz	2017-06-30	Reduce -5.95%	0.31%	$218.73 - $248.91	$ 223.99	-5%	481,895
NWQ Managers	2017-06-30	Reduce -4.61%	0.03%	$218.73 - $248.91	$ 223.99	-5%	164,265
Private Capital	2017-06-30	Reduce -2.48%	0.14%	$218.73 - $248.91	$ 223.99	-5%	146,853
Mario Gabelli	2017-06-30	Add 0.51%		$218.73 - $248.91	$ 223.99	-5%	71,323
Tom Gayner	2017-06-30	Add 22.22%	0.03%	$218.73 - $248.91	$ 223.99	-5%	33,000
Ken Fisher	2017-06-30	Add 4.22%		$218.73 - $248.91	$ 223.99	-5%	5,314
Joel Greenblatt	2017-06-30	Sold Out	0.01%	$218.73 - $248.91	$ 223.99	-5%	0
Vanguard Health Care Fund	2017-03-31	Reduce -7.65%	0.49%	$210.8 - $249.32	$ 223.99	-4%	11,681,634
John Paulson	2017-03-31	Reduce -17.24%	1.64%	$210.8 - $249.32	$ 223.99	-4%	2,941,834
David Tepper	2017-03-31	Reduce -31.08%	4.93%	$210.8 - $249.32	$ 223.99	-4%	2,937,121
Seth Klarman	2017-03-31	Reduce -29.13%	2.76%	$210.8 - $249.32	$ 223.99	-4%	2,432,603
Wallace Weitz	2017-03-31	Reduce -19.65%	1.07%	$210.8 - $249.32	$ 223.99	-4%	512,403
Leon Cooperman	2017-03-31	Reduce -18.86%	0.64%	$210.8 - $249.32	$ 223.99	-4%	295,188
NWQ Managers	2017-03-31	Reduce -38.63%	0.31%	$210.8 - $249.32	$ 223.99	-4%	172,201
Private Capital	2017-03-31	Add 0.51%	0.03%	$210.8 - $249.32	$ 223.99	-4%	150,587
Mario Gabelli	2017-03-31	Add 3.06%		$210.8 - $249.32	$ 223.99	-4%	70,958
Robert Bruce	2017-03-31	Add 100.00%	1.6%	$210.8 - $249.32	$ 223.99	-4%	50,000
Tom Gayner	2017-03-31	Add 92.86%	0.07%	$210.8 - $249.32	$ 223.99	-4%	27,000
Ken Fisher	2017-03-31	Add 25.96%		$210.8 - $249.32	$ 223.99	-4%	5,099
Joel Greenblatt	2017-03-31	Reduce -96.75%	0.31%	$210.8 - $249.32	$ 223.99	-4%	3,796
Carl Icahn	2017-03-31	Sold Out	0.4%	$210.8 - $249.32	$ 223.99	-4%	0
First Eagle Investment	2017-03-31	Sold Out	0.01%	$210.8 - $249.32	$ 223.99	-4%	0
George Soros	2017-03-31	Sold Out	0.53%	$210.8 - $249.32	$ 223.99	-4%	0
Ron Baron	2017-03-31	Sold Out	0.02%	$210.8 - $249.32	$ 223.99	-4%	0
Vanguard Health Care Fund	2016-12-31	Add 6.14%	0.37%	$188.47 - $242.65	$ 223.99	8%	12,649,139
David Tepper	2016-12-31	Add 249.78%	11.33%	$188.47 - $242.65	$ 223.99	8%	4,261,406
John Paulson	2016-12-31	Reduce -8.65%	0.85%	$188.47 - $242.65	$ 223.99	8%	3,554,734
Seth Klarman	2016-12-31	Add 71.46%	3.96%	$188.47 - $242.65	$ 223.99	8%	3,432,603
Wallace Weitz	2016-12-31	Add 4.55%	0.24%	$188.47 - $242.65	$ 223.99	8%	637,733
Leon Cooperman	2016-12-31	Reduce -32.77%	1.26%	$188.47 - $242.65	$ 223.99	8%	363,788
NWQ Managers	2016-12-31	New Buy	0.8%	$188.47 - $242.65	$ 223.99	8%	280,596
Private Capital	2016-12-31	Add 11.25%	0.49%	$188.47 - $242.65	$ 223.99	8%	149,819
Joel Greenblatt	2016-12-31	New Buy	0.32%	$188.47 - $242.65	$ 223.99	8%	116,791
George Soros	2016-12-31	Reduce -4.46%	0.03%	$188.47 - $242.65	$ 223.99	8%	77,135
Mario Gabelli	2016-12-31	Add 22.97%	0.02%	$188.47 - $242.65	$ 223.99	8%	68,848
First Eagle Investment	2016-12-31	New Buy	0.01%	$188.47 - $242.65	$ 223.99	8%	26,600
Ron Baron	2016-12-31	Reduce -14.83%		$188.47 - $242.65	$ 223.99	8%	14,572
Tom Gayner	2016-12-31	Add 600.00%	0.06%	$188.47 - $242.65	$ 223.99	8%	14,000
Ken Fisher	2016-12-31	Add 0.60%		$188.47 - $242.65	$ 223.99	8%	4,048
Ruane Cunniff	2016-12-31	Sold Out	0.01%	$188.47 - $242.65	$ 223.99	8%	0
Vanguard Health Care Fund	2016-09-30	Reduce -1.23%	0.07%	$230.31 - $260.24	$ 223.99	-8%	11,917,739
John Paulson	2016-09-30	Reduce -1.45%	0.14%	$230.31 - $260.24	$ 223.99	-8%	3,891,134
David Tepper	2016-09-30	Reduce -3.37%	0.26%	$230.31 - $260.24	$ 223.99	-8%	1,218,309
Wallace Weitz	2016-09-30	Add 2.35%	0.12%	$230.31 - $260.24	$ 223.99	-8%	609,963
Leon Cooperman	2016-09-30	Reduce -19.38%	0.85%	$230.31 - $260.24	$ 223.99	-8%	541,122
Carl Icahn	2016-09-30	Reduce -87.49%	3.39%	$230.31 - $260.24	$ 223.99	-8%	425,438
Private Capital	2016-09-30	Reduce -1.93%	0.09%	$230.31 - $260.24	$ 223.99	-8%	134,667
Mario Gabelli	2016-09-30	Reduce -8.09%	0.01%	$230.31 - $260.24	$ 223.99	-8%	55,988
Ron Baron	2016-09-30	Add 22.88%		$230.31 - $260.24	$ 223.99	-8%	17,109
Ken Fisher	2016-09-30	Add 11.96%		$230.31 - $260.24	$ 223.99	-8%	4,024
Ruane Cunniff	2016-09-30	Reduce -10.48%		$230.31 - $260.24	$ 223.99	-8%	3,075
Tom Gayner	2016-09-30	New Buy	0.01%	$230.31 - $260.24	$ 223.99	-8%	2,000
Joel Greenblatt	2016-09-30	Sold Out	0.06%	$230.31 - $260.24	$ 223.99	-8%	0

Weitz Value Fund Comments on Allergan - Apr 27, 2017

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 pharmaceutical products. Allergan shares finished 2016 on a higher note, following an otherwise challenging year. While revenues and earnings were shy of expectations and drug price regulation dominated headlines throughout much of the past year, the health of Allergan’s core underlying growth drivers gave us confidence to continue buying shares at increasingly attractive discounts during the fourth calendar quarter. Encouragingly, recent operating results have come in ahead of internal forecasts, and the company’s initial outlook for 2017 exceeded our expectations. Growth across Allergan’s therapeutic segment looks healthy, with the global aesthetics franchise demonstrating notable strength. Headwinds from legislative and regulatory developments continue to bear monitoring,

From Weitz Value Fund first quarter 2017 commentary.

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Jerome Dodson Comments on Allergan - Apr 26, 2017

Allergan (NYSE:AGN), a pharmaceutical company best known for developing Botox, increased the Fund’s return by 61 basis points, as the stock jumped 13.8% from $210.01 to $238.92. The shares rose after the company reported better-than-expected earnings and provided an optimistic outlook for 2017. Allergan’s strong cash-pay businesses and recently launched products—such as Vraylar, a drug used to treat schizophrenia—continue to drive growth. During the quarter, Allergan extended its dominance in the aesthetics market by acquiring Zeltiq for $2.5 billion. Zeltiq’s CoolSculpting system is the #1 non-invasive fat reduction procedure in the U.S.

Jerome Dodson (Trades, Portfolio)'s first quarter 2017 Parnassus Funds commentary.

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Weitz Funds Comments on Allergan - Jan 26, 2017

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 pharmaceutical products. Following a brief post-election rally, the majority of the biopharmaceutical sector retreated to prior price levels as capital continued to flow out of healthcare and into industries seen as potential beneficiaries of policy shifts under the new administration. After downwardly revising future growth expectations in August and again in early November, Allergan has become a “show me” story. Patent challenges for Restasis (dry eye treatment) and Namenda XR (alzheimer’s drug) may continue to weigh on the stock in the near term, though each contributes only a small percentage of our estimate of the company’s overall intrinsic value. Over the next 3-5 years, we believe the company will have healthy mid-single digit (or better) operating profit growth. 80% of the company’s recently announced $10 billion accelerated share repurchase program is complete at an average price below $200 per share. We believe this will prove to be a prudent use of excess cash in the long run. Future capital deployment and late-stage pipeline success remain potential positives over the next 12 -24 months. We continue to believe Allergan shares present compelling value at current prices.

From Weitz Investment Management's Value Fund fourth quarter 2016 commentary.

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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 i​n 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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