Allergan’s ‘sense of urgency’ is still pretty vague

Allergan has lost almost 40% of its market value over the past nine months, and CEO Brent Saunders has said repeatedly that the company is operating with “a sense of urgency” and that “everything is on the table.”

But the exact contents of that table remain something of a mystery, and that didn’t change yesterday when Saunders spoke at an investor conference. In lieu of new specifics, Saunders defended Allergan’s core business, talked up its future in the aesthetics, and said it would consider deals that would expand its pipeline.

That’s all defensible CEO boilerplate, but it’s unlikely to change the narrative around Allergan. As analysts often point out, Allergan doesn’t have any big catalysts coming up this year, which means there’s little reason to expect its stock price to meaningfully improve. And in the meantime, Wall Street seems to doubt that Saunders’s “sense of urgency” is going to yield anything terribly urgent.