Cramer says Valeant is very aggressive and he was shocked when the company put out its fourth-quarter numbers today, specifically the organic growth it had in some very old drugs. He believes you can put a $10 earnings number on it without Salix, and $10 to $12 with Salix because the company is so good at taking out costs.
This, Cramer says, gives you a stock that should sell at 20 times earnings and he can see why people are taking the stock much higher. He says the stock is not done going higher, and he felt the same way when Actavis (ACT) bought Allergan (AGN) .
Must Watch: Cramer: Valeant's Not Done Going Higher, Buy on Salix Acquisition
Cramer maintains investors can still buy Valeant at this point, and he actually feels more strongly about that now. Even though many want to buy Salix because of the acquisition, he says the stock to buy is Valeant even though the stock is at $200.