Allergan's Healthy Prospects

NEW YORK (TheStreet) -- One of my favorite quotes from the late, brilliant Nobel Prize-winning physicist Dr. Albert Einstein is, "No problem can be solved from the same level of consciousness that created it."

Some of the medical problems and health-care treatment challenges facing millions of Americans are being addressed from new perspectives that offer both hope and immediate relief. Migraine headaches are suffered by close to 10% of the population in the U.S. What migraine sufferers want is faster, more effective pain relief.

That's why an already visionary health-care company Allergan (AGN), decided to buy Map Pharmaceuticals (MAPP) for $958 million.

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MAPP's blockbuster product, Levadex, will most likely be granted Food and Drug Administration approval in April, according to a "Mad Money" interview conducted by Jim Cramer with AGN Chairman and CEO Dr. David Pyott earlier this week. Levadex is an inhaled, faster-acting treatment for migraine sufferers. Dr. Pyott is very optimistic about future sales that will directly benefit AGN once the acquisition of MAPP is completed this year.

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Another "problem" AGN is solving with a new "level of consciousness" is what to do with the lagging sales of its obesity division, which is mainly tied to the Lap-Band surgical device. The solution, according to Dr. Pyott, is to sell that part of AGN's business by the middle of 2013.

Allergan reported mixed earnings results on Tuesday, with revenue rising over 7% over the year ago quarter to $1.49 billion. Unfortunately, that missed the analyst consensus estimate of $1.51 billion by a frog's hair. No problems, however, for the stock price -- it leap-frogged forward and hit a new 52-week high on Wednesday of $108.73.

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When it comes to earnings per share, AGN also disappointed by 3 cents, yet it still rose 15% higher than the same quarter last year. What analysts and the market look at when it comes to AGN is how the MAPP acquisition and last December's $350 million purchase of SkinMedica will impact upon both sales and earnings in the quarter just ahead. It's a very optimistic outlook tempered by modest guidance.

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