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Morningstar, Inc.

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<p class="p1"><strong>Innovative products, strong IP, and an unmatched aesthetics franchise drive Allergan's growth outlook.</strong></p><ul><li class="p1">We anticipate high-single-digit growth for Allergan through 2020 thanks to defensibility of the aesthetics business, strong intellectual property protection on most major products, and new innovative product launches, which includes pipeline opportunities to support Allergan's aesthetics, dry-eye, glaucoma, depression, and gastroenterology franchises.</li><li class="p1">Our forecasts for Allergan match consensus estimates, but we think the stock price doesn't reflect the above-average growth rate and profitability of this wide-moat firm.</li><li class="p1">Unlike lower quality specialty pharma peers, Allergan has low financial leverage, patent protection on key products well beyond 2020, and an innovative pipeline that supports future prescription growth and pricing power.</li><li class="p1">Additionally, Allergan possesses a disciplined management team and has not been overly reliant on price increases for growth, from our perspective.</li></ul>

Innovative products, strong IP, and an unmatched aesthetics franchise drive Allergan's growth outlook.We anticipate high-single-digit growth for Allergan through 2020 thanks to defensibility of the aesthetics business, strong intellectual property protection on most major products, and new innovative product launches, which includes pipeline opportunities to support Allergan's aesthetics, dry-eye, glaucoma, depression, and gastroenterology franchises.Our forecasts for Allergan match consensus estimates, but we think the stock price doesn't reflect the above-average growth rate and profitability of this wide-moat firm.Unlike lower quality specialty pharma peers, Allergan has low financial leverage, patent protection on key products well beyond 2020, and an innovative pipeline that supports future prescription growth and pricing power.Additionally, Allergan possesses a disciplined management team and has not been overly reliant on price increases for growth, from our perspective.

Allergan's Wide Moat Supports Industry-Leading Growth and Profit

Denmark

H. Lundbeck A/S is an international pharmaceutical company.  The Company researches, manufactures, and sells drugs for the treatment of psychiatric and neurological disorders.  The Company focuses on mood disorders, dementia, anxiety, and sleep disorders.  Lundbeck does research both in-house and in cooperation with research centers.  The Company markets its products worldwide.

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H Lundbeck A/S (LUN DC)

Allergan's Wide Moat Supports Industry-Leading Growth and Profit

Innovative products, strong IP, and an unmatched aesthetics franchise drive Allergan's growth outlook. We anticipate high-single-digit growth for...

Morningstar, Inc.

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