Allergan rises after David Tepper’s Appaloosa ups pressure on the struggling drugmaker

Health, Fitness & Food

Allergan shares rose Tuesday after renowned hedge fund manager David Tepper increased his pressure on the drugmaker, calling for the company to jump-start the business with new strategies and recommending again that it separate the CEO and chairman roles.

$4.3 billion loss in the fourth quarter as it posted about $5.4 billion in pre-tax impairment charges. It reported last week a loss of $12.83 a share, an about-face compared to profit of $8.88 a share from a year ago. Analysts polled by Refinitiv were expecting a loss of 44 cents a share.

Appaloosa Management has approximately $14 billion of assets under management. The billionaire investor is also the owner of the National Football League team Carolina Panthers.

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