# Seven Corners Issues Follow-Up on Allergan (AGN), Reiterates Sell Rating Due to Non-GAAP Accounting

Allergan’s So-Called "Performance Net Income" Is A Cash-Flow Measure, Not A Net Income Measure.

Allergan Has Thumbed its Nose At The SEC, Which Has Warned Against This Type of Misleading Non-GAAP Metric.

To Bridge the GAAP (Pun Intended), We Propose a Realistic Calculation of Allergan’s True Economic Earnings.

Even Using Extremely Generous Assumptions, Based on Our Non-GAAP Earnings Calculations We Estimate Allergan’s Valuation to be $117 Per Share, Indicating 50% Expected Downside For Its Common Shares.

To find a PDF containing our full AGN writeup, please visit our Research section (link here).