Guru	Date	Action	Impact	Price Range (Average)*	Change from Average	Comment	Current Shares

Jerome Dodson Comments on Allergan - Oct 31, 2018

Pharmaceutical company Allergan (NYSE:AGN) added 72 bps to the Fund’s return, as the stock went from $166.72 to $190.48 with a total return of 14.7%. The shares rallied after the company reported better-than-expected earnings and raised guidance for the remainder of the year. The aesthetics franchise continues to show robust growth, and management is bullish on the long-term outlook for this business, expecting that it will double over the next five to seven years. As the shares appreciated, we trimmed our position to take some profits.

From Jerome Dodson (Trades, Portfolio)'s third-quarter 2018 Endeavor Fund shareholder letter.

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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.

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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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