Allergan (AGN) is such a good pharmaceutical play that Jim Cramer, who already owns the name in his charitable trust, plans to buy even shares more if the stock pulls back from here.

"Here's a company with a 9% increase in revenues that sells more cheaply than all of the other major pharmas. That makes no sense to me, especially given all the approvals in [Allergen's pipeline]," Cramer said in an exclusive call with members of his Action Alerts PLUS club for investors.

Cramer said AGN offers investors several positives, including:

  • Popular Aesthetics Drugs. The stockpicker said 3 million people currently use one of Allergan's aesthetics drugs, and "30 million [others] want to, including men and Millennials -- who, of course, want to look their 'selfie best' at all times."
  • Promising Migraine and Depression Treatments. New Allergen drugs designed to treat depression and migraine headaches "will take the market by storm by 2019, perhaps 2020," Cramer predicted. He noted that the company's "amazing" new anti-depression drug recently made the cover of Time magazine, and represents "the first new meaningful anti-depressant formulation in ages. I think it could be huge."

But Cramer said AGN's stock price has been held down because the company owns 10% of long-suffering Teva Pharmaceutical Industries (TEVA) . Allergen got the shares as part of a 2015 deal to sell its generics business to Teva -- a transaction whose terms prohibited the stake's sale until this month.

"Allergan [had] the misfortune of having Teva stock ... crater just before it could offload the darned thing," Cramer said. "That taint -- left over from the most brilliant trade in big pharma history -- [is] all that I think stands between Allergan's stock reaching for higher ground."

That's why Cramer said he's looking to buy more AGN on a pullback. "If Allegan's stock falls any more, we -- even though we have a ton of -- may have to buy more. It's just too cheap."

Want to join in on Jim's monthly conference calls? Click here for a free 14-day trial subscription to Action Alerts PLUS and hear all of the latest call, plus get e-mails before Jim makes any trade and enjoy lots of other exclusive material.

More of What's Trending on TheStreet:

Watch More with TheStreet:

If you liked this article you might like

If You Buy Just One Tech Stock, Make It This Apple Supplier, Jim Cramer Says

Buying Nvidia Now Is Like Getting Intel Way Back in 1993, Jim Cramer Says

GE Is 'One of the Toughest Stocks I've Ever Had to Deal With,' Jim Cramer Says

Nucor Is a 'Pounding-the-Table' Buy Here, Jim Cramer Says

Make Gary Cohn the Next Federal Reserve Chair, Jim Cramer Says