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Any catalysts from its R pipeline might not materialize until the second half of 2018 or beyond.AGN trades at 11x run rate EBITDA. Generic Restasis could clip revenue and EBITDA growth and cause its trading multiple to fall into the single digits. Even the staunchest bulls might have to abandon the stock.Conclusion The Minnesota ruling could mean Allergan might have to waive its sovereign immunity pursuant to its IPR for Restasis.
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