The Rising Influence of Rising Affluence

[DewDiligence]

AGN derives 15% of sales from emerging markets and is enjoying robust growth there, particularly from self-pay products such as Botox cosmetic. Thus, AGN is a play on The Global Demographic Tailwind without the patent-cliff baggage of Big Pharma.

AGN’s P/E ratio is much higher than Big Pharma companies, but the company’s product portfolio and near-flawless execution justify a relatively high P/E, IMO.