Updated from 7:40 a.m. with Jim Cramer's comments.

Allergan (AGN) - Get Report posted better-than-expected fourth-quarter revenue growth Wednesday and said it foresees 2017 sales modestly higher than most Wall Street forecasts.

Revenue for the three months ended in December were $3.9 billion, up 7% from the year-ago period, and ahead of the Factset consensus of a 5.2% advance. The company posted a net loss for the period, however, of $70.2 million, or 20 cents a share, a reversal from the $1.78 a share it earned in the final three months of 2015. Adjusted earnings in the quarter were $3.90 a share; analysts expected $3.75.

"2017 is a pivotal year for Allergan and we are well-positioned to deliver growth through excellent execution. We have growing products and franchises, with nine product launches planned in 2017," said CEO Brent Saunders. "Our Open Science pipeline is advancing innovative, high-value treatments for patients, including our six 'stars' entering or currently in phase III development. And our operational excellence and capital deployment initiatives will support our continued growth and enhance shareholder value," added Saunders.

The company said it expects to see revenue of between $15.5 billion and $15.8 billion on both a GAAP and a non-GAAP basis, modestly higher than the Factset consensus of $15.29 billion. Full-year earnings per share are forecast between $15.80 and $16.30, largely in line with analysts' forecasts of $15.90 a share.

Allergan is delivering high single-digit sales growth and double-digit earnings growth. It could become the new favorite stock for growth investors in the pharma space, said TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, on CNBC's "Stop Trading" segment.

Allergan is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer or the AAP team buys or sells AGN? Learn more now.

For most of November and December, the stock traded below $200 per share, near its lowest level in years. But in the fourth quarter, management used up $12.3 billion of the $15 billion buyback plan. What a great time to be buying stock, Cramer said.

Allergan has an $87 billion market cap. Currently, the stock is trading in the high $230 range.

Cramer said Allergan has an "extraordinary pipeline" of future products, and CEO Brent Saunders expects some impressive drugs to be released this year.

The quarter was terrific, Cramer said. Unlike Gilead Sciences (GILD) - Get Report , which has let its pipeline wane thanks to a lack of M&A, Allergan has continued to scoop up mostly small companies to fuel its future treatments, Cramer said.

Allergan shares were rising by 1.3% in Wednesday morning trading.