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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 0.07
AGN's Cash-to-Debt is ranked lower than
94% of the 859 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.03 vs. AGN: 0.07 )
Ranked among companies with meaningful Cash-to-Debt only.
AGN' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.01  Med: 0.56 Max: 43.62
Current: 0.07
0.01
43.62
Equity-to-Asset 0.65
AGN's Equity-to-Asset is ranked higher than
53% of the 788 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 0.64 vs. AGN: 0.65 )
Ranked among companies with meaningful Equity-to-Asset only.
AGN' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.25  Med: 0.63 Max: 0.93
Current: 0.65
0.25
0.93
Debt-to-Equity 0.36
AGN's Debt-to-Equity is ranked lower than
53% of the 596 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 0.32 vs. AGN: 0.36 )
Ranked among companies with meaningful Debt-to-Equity only.
AGN' s Debt-to-Equity Range Over the Past 10 Years
Min: 0.01  Med: 0.31 Max: 1.8
Current: 0.36
0.01
1.8
Debt-to-EBITDA 29.32
AGN's Debt-to-EBITDA is ranked lower than
99% of the 495 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.92 vs. AGN: 29.32 )
Ranked among companies with meaningful Debt-to-EBITDA only.
AGN' s Debt-to-EBITDA Range Over the Past 10 Years
Min: -15.65  Med: 4.46 Max: 64.18
Current: 29.32
-15.65
64.18
Interest Coverage 0.15
AGN's Interest Coverage is ranked lower than
99% of the 648 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 86.08 vs. AGN: 0.15 )
Ranked among companies with meaningful Interest Coverage only.
AGN' s Interest Coverage Range Over the Past 10 Years
Min: 0.15  Med: 8.73 Max: 12.7
Current: 0.15
0.15
12.7
Piotroski F-Score: 3
Altman Z-Score: 1.11
Beneish M-Score: -2.49
WACC vs ROIC
6.09%
0.03%
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 : 5/10

vs
industry
vs
history
Operating Margin % 0.94
AGN's Operating Margin % is ranked lower than
68% of the 801 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 7.97 vs. AGN: 0.94 )
Ranked among companies with meaningful Operating Margin % only.
AGN' s Operating Margin % Range Over the Past 10 Years
Min: -39.29  Med: 2.23 Max: 14.13
Current: 0.94
-39.29
14.13
Net Margin % -9.86
AGN's Net Margin % is ranked lower than
73% of the 802 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 5.32 vs. AGN: -9.86 )
Ranked among companies with meaningful Net Margin % only.
AGN' s Net Margin % Range Over the Past 10 Years
Min: -34.87  Med: 5.43 Max: 102.76
Current: -9.86
-34.87
102.76
ROE % -2.44
AGN's ROE % is ranked lower than
67% of the 832 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 5.94 vs. AGN: -2.44 )
Ranked among companies with meaningful ROE % only.
AGN' s ROE % Range Over the Past 10 Years
Min: -11.23  Med: 6.44 Max: 19.24
Current: -2.44
-11.23
19.24
ROA % -1.37
AGN's ROA % is ranked lower than
65% of the 871 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.88 vs. AGN: -1.37 )
Ranked among companies with meaningful ROA % only.
AGN' s ROA % Range Over the Past 10 Years
Min: -4.32  Med: 3.67 Max: 11.32
Current: -1.37
-4.32
11.32
ROC (Joel Greenblatt) % -362.45
AGN's ROC (Joel Greenblatt) % is ranked lower than
86% of the 855 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 11.23 vs. AGN: -362.45 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
AGN' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -547.05  Med: 2.21 Max: 38.44
Current: -362.45
-547.05
38.44
3-Year Revenue Growth Rate 30.90
AGN's 3-Year Revenue Growth Rate is ranked higher than
91% of the 689 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 5.80 vs. AGN: 30.90 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
AGN' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -16.3  Med: 17.55 Max: 40.4
Current: 30.9
-16.3
40.4
3-Year EPS without NRI Growth Rate -2.00
AGN's 3-Year EPS without NRI Growth Rate is ranked lower than
65% of the 663 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 8.90 vs. AGN: -2.00 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
AGN' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: 0  Med: 0.75 Max: 94.3
Current: -2
0
94.3
GuruFocus has detected 2 Warning Signs with Allergan PLC AGN.
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» AGN's 30-Y Financials

Financials (Next Earnings Date: 2018-11-02)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q3 2017

AGN Guru Trades in Q3 2017

Paul Tudor Jones 7,925 sh (New)
George Soros 1,100 sh (New)
Steven Cohen 449,776 sh (New)
Caxton Associates 2,100 sh (New)
Ken Fisher 7,015 sh (+32.01%)
Bernard Horn 27,289 sh (+24.10%)
Seth Klarman 2,964,203 sh (+21.85%)
Wallace Weitz 523,810 sh (+8.70%)
Jeff Auxier 8,495 sh (+6.05%)
Frank Sands 5,618 sh (+3.50%)
David Carlson 480,000 sh (+2.13%)
Pioneer Investments 1,355,733 sh (+1.12%)
Scott Black 7,884 sh (+0.90%)
Tom Gayner 33,000 sh (unchged)
Robert Bruce 50,000 sh (unchged)
Leon Cooperman Sold Out
Vanguard Health Care Fund 11,337,619 sh (-0.78%)
Mario Gabelli 70,023 sh (-1.82%)
First Pacific Advisors 9,500 sh (-2.06%)
Private Capital 139,929 sh (-4.71%)
Manning & Napier Advisors, Inc 16,960 sh (-5.96%)
Diamond Hill Capital 1,540 sh (-8.71%)
John Griffin 1,283,680 sh (-10.73%)
NWQ Managers 136,976 sh (-16.61%)
John Paulson 2,180,292 sh (-19.36%)
David Tepper 1,888,188 sh (-24.76%)
Jerome Dodson 115,075 sh (-37.12%)
Jim Simons 63,169 sh (-73.02%)
Eaton Vance Worldwide Health Sciences Fund 257,544 sh (-8.50%)
» More
Q4 2017

AGN Guru Trades in Q4 2017

Arnold Van Den Berg 162,205 sh (New)
Mason Hawkins 2,297,386 sh (New)
Larry Robbins 1,154,576 sh (New)
Diamond Hill Capital 22,838 sh (+1382.99%)
Jim Simons 726,269 sh (+1049.72%)
Frank Sands 30,073 sh (+435.30%)
Paul Tudor Jones 36,855 sh (+365.05%)
David Tepper 3,465,862 sh (+83.55%)
Robert Bruce 89,200 sh (+78.40%)
NWQ Managers 225,549 sh (+64.66%)
Jerome Dodson 188,775 sh (+64.05%)
Seth Klarman 4,500,000 sh (+51.81%)
Private Capital 175,694 sh (+25.56%)
Wallace Weitz 650,315 sh (+24.15%)
Jeff Auxier 9,995 sh (+17.66%)
Vanguard Health Care Fund 13,216,673 sh (+16.57%)
David Carlson 480,000 sh (unchged)
Tom Gayner 33,000 sh (unchged)
Caxton Associates 2,100 sh (unchged)
Bernard Horn 27,289 sh (unchged)
Scott Black Sold Out
George Soros Sold Out
Steven Cohen Sold Out
Mario Gabelli 67,948 sh (-2.96%)
Ken Fisher 6,494 sh (-7.43%)
John Paulson 1,898,724 sh (-12.91%)
Pioneer Investments 1,147,408 sh (-15.37%)
First Pacific Advisors 2,500 sh (-73.68%)
John Griffin 215,000 sh (-83.25%)
Eaton Vance Worldwide Health Sciences Fund 139,059 sh (-46.01%)
» More
Q1 2018

AGN Guru Trades in Q1 2018

Jana Partners 12,000 sh (New)
Steven Cohen 322,907 sh (New)
Joel Greenblatt 1,337 sh (New)
NWQ Managers 410,609 sh (+82.05%)
Bernard Horn 44,989 sh (+64.86%)
Frank Sands 45,058 sh (+49.83%)
Mason Hawkins 3,119,124 sh (+35.77%)
Larry Robbins 1,526,890 sh (+32.25%)
Private Capital 201,999 sh (+14.97%)
Diamond Hill Capital 25,667 sh (+12.39%)
Robert Bruce 100,200 sh (+12.33%)
Mario Gabelli 73,453 sh (+8.10%)
David Tepper 3,700,000 sh (+6.76%)
Seth Klarman 4,750,000 sh (+5.56%)
Wallace Weitz 670,399 sh (+3.09%)
Jeff Auxier 10,220 sh (+2.25%)
Vanguard Health Care Fund 13,428,401 sh (+1.60%)
Ken Fisher 6,516 sh (+0.34%)
David Carlson 480,000 sh (unchged)
John Paulson 1,898,724 sh (unchged)
Tom Gayner Sold Out
First Pacific Advisors Sold Out
Paul Tudor Jones Sold Out
Caxton Associates Sold Out
John Griffin Sold Out
Arnold Van Den Berg 148,568 sh (-8.41%)
Jerome Dodson 139,775 sh (-25.96%)
Pioneer Investments 339,560 sh (-70.41%)
Jim Simons 2,900 sh (-99.60%)
Eaton Vance Worldwide Health Sciences Fund 123,611 sh (-11.11%)
» More
Q2 2018

AGN Guru Trades in Q2 2018

Paul Tudor Jones 24,550 sh (New)
Joel Greenblatt 2,998 sh (+124.23%)
Jerome Dodson 194,804 sh (+39.37%)
Diamond Hill Capital 30,622 sh (+19.30%)
Larry Robbins 1,772,481 sh (+16.08%)
Robert Bruce 110,400 sh (+10.18%)
Seth Klarman 4,950,000 sh (+4.21%)
Vanguard Health Care Fund 13,878,301 sh (+3.35%)
Mario Gabelli 74,591 sh (+1.55%)
David Carlson 480,000 sh (unchged)
John Paulson 1,898,724 sh (unchged)
Jana Partners Sold Out
Frank Sands Sold Out
Private Capital 200,537 sh (-0.72%)
Wallace Weitz 650,041 sh (-3.04%)
Mason Hawkins 2,989,405 sh (-4.16%)
Ken Fisher 6,101 sh (-6.37%)
David Tepper 3,390,000 sh (-8.38%)
NWQ Managers 373,179 sh (-9.12%)
Pioneer Investments 226,693 sh (-33.24%)
Steven Cohen 16,354 sh (-94.94%)
Eaton Vance Worldwide Health Sciences Fund 100,808 sh (-18.45%)
» More
» Details

Insider Trades

Latest Guru Trades with NYSE:AGN

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Vanguard Health Care Fund 2018-06-30 Add 3.35%0.17%$143.8 - $175.19 $ 184.4815%13,878,301
Seth Klarman 2018-06-30 Add 4.21%0.3%$143.8 - $175.19 $ 184.4815%4,950,000
David Tepper 2018-06-30 Reduce -8.38%0.54%$143.8 - $175.19 $ 184.4815%3,390,000
Mason Hawkins 2018-06-30 Reduce -4.16%0.27%$143.8 - $175.19 $ 184.4815%2,989,405
Wallace Weitz 2018-06-30 Reduce -3.04%0.15%$143.8 - $175.19 $ 184.4815%650,041
NWQ Managers 2018-06-30 Reduce -9.12%0.1%$143.8 - $175.19 $ 184.4815%373,179
Private Capital 2018-06-30 Reduce -0.72%0.04%$143.8 - $175.19 $ 184.4815%200,537
Robert Bruce 2018-06-30 Add 10.18%0.37%$143.8 - $175.19 $ 184.4815%110,400
Mario Gabelli 2018-06-30 Add 1.55%$143.8 - $175.19 $ 184.4815%74,591
Ken Fisher 2018-06-30 Reduce -6.37%$143.8 - $175.19 $ 184.4815%6,101
Joel Greenblatt 2018-06-30 Add 124.23%0.01%$143.8 - $175.19 $ 184.4815%2,998
Vanguard Health Care Fund 2018-03-31 Add 1.60%0.08%$144.02 - $188.15 $ 184.4810%13,428,401
Seth Klarman 2018-03-31 Add 5.56%0.41%$144.02 - $188.15 $ 184.4810%4,750,000
David Tepper 2018-03-31 Add 6.76%0.41%$144.02 - $188.15 $ 184.4810%3,700,000
Mason Hawkins 2018-03-31 Add 35.77%1.7%$144.02 - $188.15 $ 184.4810%3,119,124
Wallace Weitz 2018-03-31 Add 3.09%0.15%$144.02 - $188.15 $ 184.4810%670,399
NWQ Managers 2018-03-31 Add 82.05%0.5%$144.02 - $188.15 $ 184.4810%410,609
Private Capital 2018-03-31 Add 14.97%0.7%$144.02 - $188.15 $ 184.4810%201,999
Arnold Van Den Berg 2018-03-31 Reduce -8.41%0.3%$144.02 - $188.15 $ 184.4810%148,568
Robert Bruce 2018-03-31 Add 12.33%0.42%$144.02 - $188.15 $ 184.4810%100,200
Mario Gabelli 2018-03-31 Add 8.10%0.01%$144.02 - $188.15 $ 184.4810%73,453
Ken Fisher 2018-03-31 Add 0.34%$144.02 - $188.15 $ 184.4810%6,516
Joel Greenblatt 2018-03-31 New Buy$144.02 - $188.15 $ 184.4810%1,337
Tom Gayner 2018-03-31 Sold Out 0.1%$144.02 - $188.15 $ 184.4810%0
Vanguard Health Care Fund 2017-12-31 Add 16.57%0.67%$163.58 - $210.98 $ 184.483%13,216,673
Seth Klarman 2017-12-31 Add 51.81%2.49%$163.58 - $210.98 $ 184.483%4,500,000
David Tepper 2017-12-31 Add 83.55%2.43%$163.58 - $210.98 $ 184.483%3,465,862
Mason Hawkins 2017-12-31 New Buy4.65%$163.58 - $210.98 $ 184.483%2,297,386
John Paulson 2017-12-31 Reduce -12.91%1.04%$163.58 - $210.98 $ 184.483%1,898,724
Wallace Weitz 2017-12-31 Add 24.15%0.89%$163.58 - $210.98 $ 184.483%650,315
NWQ Managers 2017-12-31 Add 64.66%0.21%$163.58 - $210.98 $ 184.483%225,549
Private Capital 2017-12-31 Add 25.56%0.94%$163.58 - $210.98 $ 184.483%175,694
Arnold Van Den Berg 2017-12-31 New Buy3.6%$163.58 - $210.98 $ 184.483%162,205
Robert Bruce 2017-12-31 Add 78.40%1.51%$163.58 - $210.98 $ 184.483%89,200
Mario Gabelli 2017-12-31 Reduce -2.96%$163.58 - $210.98 $ 184.483%67,948
Ken Fisher 2017-12-31 Reduce -7.43%$163.58 - $210.98 $ 184.483%6,494
George Soros 2017-12-31 Sold Out 0.01%$163.58 - $210.98 $ 184.483%0
Vanguard Health Care Fund 2017-09-30 Reduce -0.78%0.05%$202.66 - $256.15 $ 184.48-21%11,337,619
Seth Klarman 2017-09-30 Add 21.85%1.36%$202.66 - $256.15 $ 184.48-21%2,964,203
John Paulson 2017-09-30 Reduce -19.36%1.73%$202.66 - $256.15 $ 184.48-21%2,180,292
David Tepper 2017-09-30 Reduce -24.76%2.24%$202.66 - $256.15 $ 184.48-21%1,888,188
Wallace Weitz 2017-09-30 Add 8.70%0.36%$202.66 - $256.15 $ 184.48-21%523,810
Private Capital 2017-09-30 Reduce -4.71%0.27%$202.66 - $256.15 $ 184.48-21%139,929
NWQ Managers 2017-09-30 Reduce -16.61%0.09%$202.66 - $256.15 $ 184.48-21%136,976
Mario Gabelli 2017-09-30 Reduce -1.82%$202.66 - $256.15 $ 184.48-21%70,023
Ken Fisher 2017-09-30 Add 32.01%$202.66 - $256.15 $ 184.48-21%7,015
George Soros 2017-09-30 New Buy0.01%$202.66 - $256.15 $ 184.48-21%1,100
Leon Cooperman 2017-09-30 Sold Out 2.99%$202.66 - $256.15 $ 184.48-21%0
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Preferred stocks of Allergan PLC

SymbolPriceYieldDescription
AGNpA.PFD543.502.535 1/2 % Cum.Conv.Pref.Shs 2015-1.3.18 Series -A-

Business Description

Industry: Drug Manufacturers » Drug Manufacturers - Specialty & Generic    NAICS: 325412 
Compare:XTER:MRK, NYSE:ZTS, SHSE:600276, TSE:4502, NAS:MYL, TSE:4523, NSE:SUNPHARMA, SHSE:600518, NYSE:TEVA, TSE:4507, SZSE:000538, SHSE:600196, XPAR:IPN, OCSE:LUN, NYSE:PRGO, TSE:4508, SZSE:000963, XSWX:VIFN, SZSE:300122, JSE:APN » details
Traded in other countries:A60.Germany, AGN N.Mexico,
Headquarter Location:Ireland
Allergan PLC is a specialty pharmaceutical company engaged in the development, manufacturing, marketing, and distribution of brand name pharmaceutical products, medical aesthetics, biosimilar and OTC pharmaceutical products.

Allergan is one of the largest specialty pharmaceutical manufacturers. It specializes in aesthetics, ophthalmology, women's health, gastrointestinal, and central nervous system products. In 2016, Allergan sold its generics and distribution segments to Teva.

Guru Investment Theses on Allergan PLC

Jerome Dodson Comments on Allergan - Feb 13, 2018

Allergan (AGN), a pharmaceutical company best known for developing Botox, fell 22.1% from $210.01 to $163.58, reducing the Fund’s return by 35 basis points. The stock fell after a federal judge invalidated patents covering the company’s $1.5 billion dry-eye drug, Restasis, thereby enabling a generic version to come to the market. Shares declined again after Revance Therapeutics, a clinical-stage biotech company, presented data showing that its competing Botox product lasts longer than Allergan’s Botox. We added to our position as the stock moved lower, because we think Allergan’s aesthetics franchise remains solid despite increasing competition. The stock is also cheap, trading at just 10 times expected 2018 earnings.



From Jerome Dodson (Trades, Portfolio)'s fourth-quarter 2017 Parnassus Fund shareholder letter.

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Wally Weitz Comments on Allergan plc - Jan 24, 2018

On the other side of the ledger, Allergan plc (NYSE:AGN) was the largest detractor from Fund performance during the fourth quarter and calendar year. Following the invalidation of dry eye drug Restasis’s patents in federal court in October, we once again tested the assumptions underlying our valuation scenarios. The earlier-than-expected loss of Restasis profits and more conservative forecasts for the company’s aesthetics franchise resulted in a downward revision to our base case estimate of intrinsic value. The drop in Allergan’s stock price, however, has been far more pronounced, so we added to our position at $173 during the quarter.





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



Check out Wallace Weitz latest stock trades

Wally Weitz Comments on Allergan - Jan 24, 2018

In addition to our short positions, Allergan (NYSE:AGN) (-20% Q4, -21% 2017) was a top detractor in both the quarter and calendar year. Shares fell during the quarter as patents for its dry eye treatment Restasis were invalidated in federal court. After incorporating the earlier-than-expected loss of Restasis profits, we made a downward revision to our business value estimate. Nevertheless, we believe Allergan’s share price decline has overshot reality, and it continues to trade at a significant discount.

From Wallace Weitz (Trades, Portfolio)'s Partner III Opportunity Fund fourth-quarter commentary.

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Jerome Dodson Comments on Allergan - Oct 25, 2017

Allergan (NYSE:AGN), a pharmaceutical company best known for developing Botox, fell 15.7% from $243.09 to $204.95, reducing the Fund’s return by 55 basis points. The stock dropped after the company announced a deal with the Saint Regis Mohawk Tribe, whereby Allergan transferred patents on its $1.5 billion dry eye drug, Restasis, to the tribe in exchange for an upfront payment and annual royalties. While this deal has the potential to delay generic competition due to the tribe’s sovereign immunity, it has also attracted political scrutiny, which weighed on the stock’s multiple. We trimmed our position to reflect our disappointment with this unusual deal. However, we continue to own the stock because we like the company’s aesthetics franchise and think the stock is significantly undervalued, trading at just 12 times expected 2018 earnings.



From Jerome Dodson (Trades, Portfolio)'s Parnassus Fund third quarter 2017 commentary.

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Keeley Funds Comments on Allergan - Oct 24, 2017

Pharmaceutical maker Allergan (NYSE:AGN) (-15% Q3) adversely impacted quarterly results as investors began to question the company’s near-term estimates, reversing gains from earlier this year. We continue to believe the company is well positioned to deliver double-digit returns over the midterm and added incrementally to our holdings.

From Wallace Weitz (Trades, Portfolio)'s Partners III Fund third-quarter 2017 shareholder commentary.

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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 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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Ratios

vs
industry
vs
history
Forward PE Ratio 11.53
AGN's Forward PE Ratio is ranked higher than
88% of the 111 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 21.60 vs. AGN: 11.53 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PB Ratio 0.88
AGN's PB Ratio is ranked higher than
92% of the 819 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.64 vs. AGN: 0.88 )
Ranked among companies with meaningful PB Ratio only.
AGN' s PB Ratio Range Over the Past 10 Years
Min: 0.68  Med: 1.7 Max: 5.9
Current: 0.88
0.68
5.9
PS Ratio 3.82
AGN's PS Ratio is ranked lower than
57% of the 775 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 3.10 vs. AGN: 3.82 )
Ranked among companies with meaningful PS Ratio only.
AGN' s PS Ratio Range Over the Past 10 Years
Min: 0.99  Med: 2.19 Max: 13.79
Current: 3.82
0.99
13.79
Price-to-Free-Cash-Flow 10.81
AGN's Price-to-Free-Cash-Flow is ranked higher than
89% of the 298 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 30.84 vs. AGN: 10.81 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
AGN' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 7.27  Med: 18.84 Max: 301.76
Current: 10.81
7.27
301.76
Price-to-Operating-Cash-Flow 10.19
AGN's Price-to-Operating-Cash-Flow is ranked higher than
85% of the 392 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 22.00 vs. AGN: 10.19 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
AGN' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 6.06  Med: 15.13 Max: 94.47
Current: 10.19
6.06
94.47
EV-to-EBIT -13.42
AGN's EV-to-EBIT is ranked lower than
99.99% of the 572 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 17.85 vs. AGN: -13.42 )
Ranked among companies with meaningful EV-to-EBIT only.
AGN' s EV-to-EBIT Range Over the Past 10 Years
Min: -310.4  Med: 10.1 Max: 104.6
Current: -13.42
-310.4
104.6
EV-to-EBITDA 99.81
AGN's EV-to-EBITDA is ranked lower than
96% of the 597 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 15.24 vs. AGN: 99.81 )
Ranked among companies with meaningful EV-to-EBITDA only.
AGN' s EV-to-EBITDA Range Over the Past 10 Years
Min: -47.1  Med: 13.7 Max: 589.4
Current: 99.81
-47.1
589.4
EV-to-Revenue 5.34
AGN's EV-to-Revenue is ranked lower than
66% of the 795 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 3.24 vs. AGN: 5.34 )
Ranked among companies with meaningful EV-to-Revenue only.
AGN' s EV-to-Revenue Range Over the Past 10 Years
Min: 1.2  Med: 3 Max: 20.8
Current: 5.34
1.2
20.8
Shiller PE Ratio 62.68
AGN's Shiller PE Ratio is ranked lower than
79% of the 252 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 32.75 vs. AGN: 62.68 )
Ranked among companies with meaningful Shiller PE Ratio only.
AGN' s Shiller PE Ratio Range Over the Past 10 Years
Min: 18.96  Med: 57.97 Max: 2307.73
Current: 62.68
18.96
2307.73
Current Ratio 1.00
AGN's Current Ratio is ranked lower than
87% of the 855 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.39 vs. AGN: 1.00 )
Ranked among companies with meaningful Current Ratio only.
AGN' s Current Ratio Range Over the Past 10 Years
Min: 0.99  Med: 2.93 Max: 9.8
Current: 1
0.99
9.8
Quick Ratio 0.85
AGN's Quick Ratio is ranked lower than
80% of the 855 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.87 vs. AGN: 0.85 )
Ranked among companies with meaningful Quick Ratio only.
AGN' s Quick Ratio Range Over the Past 10 Years
Min: 0.78  Med: 2.03 Max: 8.82
Current: 0.85
0.78
8.82
Days Inventory 154.98
AGN's Days Inventory is ranked lower than
67% of the 755 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 119.80 vs. AGN: 154.98 )
Ranked among companies with meaningful Days Inventory only.
AGN' s Days Inventory Range Over the Past 10 Years
Min: 108.11  Med: 132.08 Max: 369.82
Current: 154.98
108.11
369.82
Days Sales Outstanding 62.37
AGN's Days Sales Outstanding is ranked higher than
68% of the 770 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 81.76 vs. AGN: 62.37 )
Ranked among companies with meaningful Days Sales Outstanding only.
AGN' s Days Sales Outstanding Range Over the Past 10 Years
Min: 43.91  Med: 67 Max: 197.04
Current: 62.37
43.91
197.04
Days Payable 48.03
AGN's Days Payable is ranked lower than
72% of the 758 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 76.32 vs. AGN: 48.03 )
Ranked among companies with meaningful Days Payable only.
AGN' s Days Payable Range Over the Past 10 Years
Min: 28.64  Med: 62.26 Max: 109.48
Current: 48.03
28.64
109.48

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 1.54
AGN's Dividend Yield % is ranked higher than
50% of the 752 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.54 vs. AGN: 1.54 )
Ranked among companies with meaningful Dividend Yield % only.
AGN' s Dividend Yield % Range Over the Past 10 Years
Min: 0.28  Med: 1.22 Max: 1.96
Current: 1.54
0.28
1.96
Forward Dividend Yield % 1.56
AGN's Forward Dividend Yield % is ranked lower than
52% of the 719 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 1.66 vs. AGN: 1.56 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 1.54
AGN's 5-Year Yield-on-Cost % is ranked lower than
61% of the 745 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.12 vs. AGN: 1.54 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
AGN' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 0.28  Med: 1.22 Max: 1.96
Current: 1.54
0.28
1.96
3-Year Average Share Buyback Ratio -7.50
AGN's 3-Year Average Share Buyback Ratio is ranked lower than
56% of the 571 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: -5.30 vs. AGN: -7.50 )
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: -6.7 Max: 2
Current: -7.5
-45.6
2

Valuation & Return

vs
industry
vs
history
Price-to-Intrinsic-Value-Projected-FCF 0.76
AGN's Price-to-Intrinsic-Value-Projected-FCF is ranked higher than
90% of the 374 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 2.11 vs. AGN: 0.76 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
AGN' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.56  Med: 1.14 Max: 4.58
Current: 0.76
0.56
4.58
Price-to-Median-PS-Value 1.75
AGN's Price-to-Median-PS-Value is ranked lower than
84% of the 743 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 0.94 vs. AGN: 1.75 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
AGN' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.56  Med: 1.66 Max: 5.63
Current: 1.75
0.56
5.63
Earnings Yield (Greenblatt) % -7.45
AGN's Earnings Yield (Greenblatt) % is ranked lower than
80% of the 867 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 3.31 vs. AGN: -7.45 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
AGN' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: -11.4  Med: 1.65 Max: 12.1
Current: -7.45
-11.4
12.1
Forward Rate of Return (Yacktman) % 8.94
AGN's Forward Rate of Return (Yacktman) % is ranked higher than
50% of the 421 Companies
in the Global Drug Manufacturers - Specialty & Generic industry.

( Industry Median: 8.96 vs. AGN: 8.94 )
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: -8  Med: 10.9 Max: 21.2
Current: 8.94
-8
21.2

More Statistics

Revenue (TTM) (Mil) $16,156.70
EPS (TTM) $ -5.36
Beta1.29
Volatility33.76%
52-Week Range $142.81 - 237.41
Shares Outstanding (Mil)339.44

Analyst Estimate

Dec18 Dec19 Dec20
Revenue (Mil $) 15,431 15,643 16,524
EBIT (Mil $) 4,678 5,058 7,769
EBITDA (Mil $) 7,270 7,441 8,240
EPS ($) -2.79 0.13 3.42
EPS without NRI ($) -2.79 0.13 3.42
EPS Growth Rate
(Future 3Y To 5Y Estimate)
6.70%
Dividends per Share ($) 2.16 2.25 2.18

Piotroski F-Score Details

Piotroski F-Score: 33
Positive ROAN
Positive CFROAY
Higher ROA yoyN
CFROA > ROAY
Lower Leverage yoyN
Higher Current Ratio yoyN
Less Shares Outstanding yoyN
Higher Gross Margin yoyN
Higher Asset Turnover yoyY

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