, Columnist
Allergan May Need More Than a Facelift
The company seems averse to big changes; it may soon have no choice.
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In just about two years, Allergan PLC has gone from a pharma darling on the verge of a massively lucrative Pfizer Inc. buyout to something of a pariah.
Its stock has fallen 38 percent in the past nine months. Shareholders are reportedly recruiting activists. On its first-quarter earnings call on Monday, Allergan said it is in the midst of an “urgent” strategic review. But it also made it clear it doesn’t think the company needs a reinvention. It shouldn’t be so sure.