NEW YORK (TheStreet) -- Shares of Allergan (AGN) were slumping in mid-morning trading on Wednesday after the company reported weaker-than-expected results for the 2016 third quarter and issued a downbeat outlook.

"Namenda numbers were not good. Analysts wanted them to pull through forward some growth. They would not do that. Margins are a concern," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.

The company's Namenda drug is approved for the treatment of moderate to severe Alzheimer's disease.

"Namenda numbers were disappointing and that franchise looks like it is under attack," Cramer noted, adding that's why he believes the stock is down.

"You need to see everything go higher with Allergan because you need to see everything go higher with every drug company," Cramer contended, "That was a disappointment."

Allergan also announced a $10 billion accelerated stock buyback program and announced a quarterly dividend of 70 cents per share.

But Cramer noted that he wants growth, not a dividend.

"If I want dividend, I'll go to Pfizer (PFE), I'll go to Glaxo (GSK)," Cramer said.

Additionally, Cramer mentioned that Allergan CEO Brent Saunders is going after treatments for Irritable Bowel Syndrome, dermatology and ophthalmology.

"What does that sound like? Who is he going against?" Cramer asked, "Valeant (VRX)."

"The analysts want him to start hyping those. He's not hyping that. But he's got this legacy business for Namenda and I think that's hurting him," Cramer contended.

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