Allergan is about to release earnings results. In the heat of the take over battles when egos surpass financial reason ponder some of the Bear Case Scenario for Allergan which might turn out to be the Trojan horse for Valeant or some other unlucky bastard.
Botox growth is probably stalling as competitive offerings come to market and profit margins decline. Botox is a fat cow which is attracting a lot of attention.
Some estimate 30% of Allergan portfolio to be non reimbursable for insurance purposes. This devolves into consumer products and is not drugs. the vagaries of overall economic health and consumer demand come more sharply into play.
Generic Generic and more Generic competition is just over the horizon. Negative impact for cash flow to whoever owns it.
George Gutowski writes from a caveat emptor perspective.