Guru	Date	Trades	Impact to Portfolio	Price Range * (?)	Current Price	Change from Average	Current Shares
Vanguard Health Care Fund	2017-12-31	Add 16.57%	0.67%	$163.58 - $210.98	$ 158.51	-12%	13,216,673
Seth Klarman	2017-12-31	Add 51.81%	2.49%	$163.58 - $210.98	$ 158.51	-12%	4,500,000
David Tepper	2017-12-31	Add 83.55%	2.43%	$163.58 - $210.98	$ 158.51	-12%	3,465,862
Mason Hawkins	2017-12-31	New Buy	4.65%	$163.58 - $210.98	$ 158.51	-12%	2,297,386
John Paulson	2017-12-31	Reduce -12.91%	1.04%	$163.58 - $210.98	$ 158.51	-12%	1,898,724
Wallace Weitz	2017-12-31	Add 24.15%	0.89%	$163.58 - $210.98	$ 158.51	-12%	650,315
NWQ Managers	2017-12-31	Add 64.66%	0.21%	$163.58 - $210.98	$ 158.51	-12%	225,549
Private Capital	2017-12-31	Add 25.56%	0.94%	$163.58 - $210.98	$ 158.51	-12%	175,694
Arnold Van Den Berg	2017-12-31	New Buy	3.6%	$163.58 - $210.98	$ 158.51	-12%	162,205
Robert Bruce	2017-12-31	Add 78.40%	1.51%	$163.58 - $210.98	$ 158.51	-12%	89,200
Mario Gabelli	2017-12-31	Reduce -2.96%		$163.58 - $210.98	$ 158.51	-12%	67,948
Ken Fisher	2017-12-31	Reduce -7.43%		$163.58 - $210.98	$ 158.51	-12%	6,494
George Soros	2017-12-31	Sold Out	0.01%	$163.58 - $210.98	$ 158.51	-12%	0
Vanguard Health Care Fund	2017-09-30	Reduce -0.78%	0.05%	$202.66 - $256.15	$ 158.51	-32%	11,337,619
Seth Klarman	2017-09-30	Add 21.85%	1.36%	$202.66 - $256.15	$ 158.51	-32%	2,964,203
John Paulson	2017-09-30	Reduce -19.36%	1.73%	$202.66 - $256.15	$ 158.51	-32%	2,180,292
David Tepper	2017-09-30	Reduce -24.76%	2.24%	$202.66 - $256.15	$ 158.51	-32%	1,888,188
Wallace Weitz	2017-09-30	Add 8.70%	0.36%	$202.66 - $256.15	$ 158.51	-32%	523,810
Private Capital	2017-09-30	Reduce -4.71%	0.27%	$202.66 - $256.15	$ 158.51	-32%	139,929
NWQ Managers	2017-09-30	Reduce -16.61%	0.09%	$202.66 - $256.15	$ 158.51	-32%	136,976
Mario Gabelli	2017-09-30	Reduce -1.82%		$202.66 - $256.15	$ 158.51	-32%	70,023
Ken Fisher	2017-09-30	Add 32.01%		$202.66 - $256.15	$ 158.51	-32%	7,015
George Soros	2017-09-30	New Buy	0.01%	$202.66 - $256.15	$ 158.51	-32%	1,100
Leon Cooperman	2017-09-30	Sold Out	2.99%	$202.66 - $256.15	$ 158.51	-32%	0
Vanguard Health Care Fund	2017-06-30	Reduce -2.19%	0.14%	$218.73 - $248.91	$ 158.51	-33%	11,426,334
John Paulson	2017-06-30	Reduce -8.10%	0.76%	$218.73 - $248.91	$ 158.51	-33%	2,703,570
David Tepper	2017-06-30	Reduce -14.56%	1.68%	$218.73 - $248.91	$ 158.51	-33%	2,509,619
Wallace Weitz	2017-06-30	Reduce -5.95%	0.31%	$218.73 - $248.91	$ 158.51	-33%	481,895
NWQ Managers	2017-06-30	Reduce -4.61%	0.03%	$218.73 - $248.91	$ 158.51	-33%	164,265
Private Capital	2017-06-30	Reduce -2.48%	0.14%	$218.73 - $248.91	$ 158.51	-33%	146,853
Mario Gabelli	2017-06-30	Add 0.51%		$218.73 - $248.91	$ 158.51	-33%	71,323
Tom Gayner	2017-06-30	Add 22.22%	0.03%	$218.73 - $248.91	$ 158.51	-33%	33,000
Ken Fisher	2017-06-30	Add 4.22%		$218.73 - $248.91	$ 158.51	-33%	5,314
Joel Greenblatt	2017-06-30	Sold Out	0.01%	$218.73 - $248.91	$ 158.51	-33%	0

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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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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