Leerink Swann & Company Initiates Coverage of Allergan, Inc. (NYSE: AGN)

Yesterday after the close, Senior Specialty Pharmaceuticals Analyst, Gary Nachman initiated coverage of Allergan, Inc. with a Market Perform rating. His investment rating is based on his belief that the recent run in the stock already reflects expectations for strong earnings in the near to medium term. He, however, is cautious on the long-term outlook for the company.

About Allergan, Inc.

Allergan, Inc. (NYSE: AGN) provides products for the eye care, neuromuscular, skin care and other specialty markets. Originally used in the treatment of ophthalmic movement disorders, Allergan's BOTOX® therapy is now widely accepted for indications ranging from therapeutic neuromuscular disorders and related pain to cosmetic facial aesthetics. The company reported 2004 revenues of $2 billion and is headquartered in Irvine, California.

About Leerink Swann & Company

Leerink Swann & Company is an investment banking firm that provides healthcare equity research, corporate finance, and asset management services for institutional and high-net-worth clients. Leerink Swann & Company was voted the Best Firm in Biotechnology, Medical Supplies and Devices, Pharmaceuticals/Major and Pharmaceuticals/Specialty in the December 2004 Institutional Investor poll ranking the best boutique and regional firms by sector. Through its consulting affiliate, MEDACorp, Leerink Swann & Company provides biomedical-consulting services to Life Sciences companies and to the institutional investment community. MEDACorp includes thousands of biomedical professionals and practicing physicians. Leerink Swann & Company is a member NASD/SIPC.

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