Allergan CEO takes blame for big miss on quarterly earnings

Allergan shares fell 4 percent in late-morning trading amid slight gains for the drug sector. CEO Brent Saunders, who has snapped up a number of smaller drugmakers since Allergan's planned $160 billion merger with Pfizer Inc collapsed in April, said the company overlooked sales trends for some of its older products, including Asacol for ulcerative colitis and Alzheimer's dementia treatment Namenda. "The miss wasn't in our promoted products," Saunders said, but instead "in some products we don't