NEW YORK (TheStreet) – Allergan (AGN) , the maker of cosmetic injection Botox, is in high demand. That the company recently beat revenue estimates by 5% suggests consumers can't get enough of Allergan's beauty products.
That's why Bill Ackman, hedge fund manager of Pershing Square, working with one of Allergan's rivals, wants to speed up the pace of the continuing battle to buy the company. Now they may be one step closer.
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There's nothing superficial about Allergan's stock. With shares around $167 and soaring close to 56% on the year to date, investors are happy. No wonder Allergan continues to resist Valeant's M&A overtures.
Revenue has soared 16% in the most recent quarter and every segment is growing by double digits. Even more impressive, helped by strong expenses management, Allergan posted a 25% jump in operating income, which beat Wall Street estimates by roughly 7%.
Valeant and Bill Ackman are in hot pursuit of Allergan for all of these reasons. The two have gone to court to force Allergan to schedule a vote for earlier than planned on their latest bid. At the same time, Allergan, by its own operational excellence, continues make a strong case for why it should be left alone.