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Thursday, October 9, 2014

Allergan raises outlook; says Valeant offer undervalues company, (NYSE: AGN)

Botox maker Allergan Inc lifted its third-quarter profit estimate and said the updated forecast showed that Valeant Pharmaceuticals Inc's takeover offer undervalued the company. Allergan said it now expects adjusted earnings of $1.76-$1.78 per share for the quarter, up from its previous forecast of $1.44-$1.47, helped by an increase in market share and product approvals.

Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN traded higher by 2.31% or $4.3/share to $190.50. In the past year, the shares have traded as low as $88.34 and as high as $190.72. On average, 2093500 shares of AGN exchange hands on a given day and today's volume is recorded at 3879294.