Leerink Swann Maintains an 'Outperform' on Allergen (AGN); FDA Approval of Restylane for Lip Augmentation May Expand Filler Market
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Price: $193.02 --0%
Rating Summary:
8 Buy, 20 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 20 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Leerink Swann maintains an 'Outperform' on Allergen (NYSE: AGN) price target range of $92-$93.
Leerink analyst says, "Today Medicis (NYSE: MRX) announced that the FDA has approved its facial filler, Restylane, for lip augmentation. This was widely expected after the positive FDA panel in late April. Overall, we view this approval as a positive for both MRX & AGN as we believe it is most likely to result in expansion of the overall U.S. filler market (AGN's Juvederm franchise & MRX's Restylane/Perlane franchise) with modest market share gains for Restylane."
"For existing investors, AGN offers: (1) solid double-digit YoY EPS growth through '14E: (2) long-term upside opportunities for new Botox indications including chronic migraine, neurogenic overactive bladder (nOAB) and idiopathic overactive bladder (iOAB); (3) a diverse business platform with expansion into emerging markets; and (4) market leader status in the cosmetic dermatology space with Botox Cosmetic & Juvederm. These positives are partially offset by: (1) intensifying competition for Botox Cosmetic as well as Juvederm; and (2) economic sensitivity of self-pay products, which represent 30% of sales. Our '10-'15E EPS CAGR is 14%, and we believe AGN's premium versus its specialty pharma peers is warranted."
For more ratings news on Allergen click here and for the rating history of Allergen click here.
Shares of Allergen closed at $83.60 yesterday.
Leerink analyst says, "Today Medicis (NYSE: MRX) announced that the FDA has approved its facial filler, Restylane, for lip augmentation. This was widely expected after the positive FDA panel in late April. Overall, we view this approval as a positive for both MRX & AGN as we believe it is most likely to result in expansion of the overall U.S. filler market (AGN's Juvederm franchise & MRX's Restylane/Perlane franchise) with modest market share gains for Restylane."
"For existing investors, AGN offers: (1) solid double-digit YoY EPS growth through '14E: (2) long-term upside opportunities for new Botox indications including chronic migraine, neurogenic overactive bladder (nOAB) and idiopathic overactive bladder (iOAB); (3) a diverse business platform with expansion into emerging markets; and (4) market leader status in the cosmetic dermatology space with Botox Cosmetic & Juvederm. These positives are partially offset by: (1) intensifying competition for Botox Cosmetic as well as Juvederm; and (2) economic sensitivity of self-pay products, which represent 30% of sales. Our '10-'15E EPS CAGR is 14%, and we believe AGN's premium versus its specialty pharma peers is warranted."
For more ratings news on Allergen click here and for the rating history of Allergen click here.
Shares of Allergen closed at $83.60 yesterday.
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