In our view, a few things remain an overhang on shares in the second half: 1) Valuation appears expensive relative to the group (at 15 times enterprise value (EV)/Ebitda); 2) Shire is launching lifitegrast, which will compete with Restasis, one of Allergan’s largest and fastest-growing drugs; 3) Allergan’s potential blockbuster drugs are in early stage development; and 4) there is a lack of visibility into what Allergan will buy with its cash (about $22.6 billion) from the sale of its generics business. Those on the sidelines believe that it is hard to see how one can make money on Allergan in 2016 and which investors would be incremental buyers of the stock.