As for the disappointing data, Pyott explained the two drugs in question were only in Stage II testing and the company was not expecting approval anytime soon, but at the tail end of its five-year plan. With the most recent data, he said delays are expected to add an additional one to two years to those estimates as Allergan explores the effects of higher dosages of both medications. Pyott said Allergan is still committed to both projects and is still optimistic both will provide benefits. With the stock having fallen so far on the news, Cramer said investors are now getting both of those long-term opportunities essentially for free at current levels. He said Allergan remains a great company with terrific management.
Back to the Drill
After the horrible oil spill in the Gulf of Mexico three years ago, is it finally time to "drill, baby, drill," once again? Cramer thinks so, which is why he's bullish on a number of oil companies operating in the region. Cramer said that, believe it or not, BP ( BP) is a buy at these levels because the Gulf oil spill woes are largely behind it and estimate bumps and upgrades are likely as production continues to ramp up. As for damages from the spill, Cramer said BP has already set aside $41 billion to settle claims, so any judgement less than that huge amount would be seen as a plus for the company. As the drilling moratorium and restrictions continue to ease in the Gulf, Cramer said that other Gulf drillers will also prosper, including Anadarko Petroleum ( APC), a company whose reserves are likely understated. Also making the list, Chevron ( CVX) and ConocoPhillips ( COP), the latter of which Cramer owns for his charitable trust, Action Alerts PLUS . Finally Cramer said that Cameron International ( CAM), a company that makes equipment used in difficult oil extractions both onshore and offshore, is seeing a rising backlog of business and could easily be a takeover target.