With the way Allergan (AGN) is hammering new yearly lows, the stock looks and acts like Valeant Pharma (VRX). The group of under-performers include: ENDP AGN MNK VRX. What's wrong? Valuation. AGN's management is strong and so is its balance sheet. TEVA's WACC at 10% and implies a market cap of close to $100B (EV less net debt. Net debt is around 10 billion after the sale to TEVA). AGN stock is acting likethe new VRX (but it shouldn't be).