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As Allergan (AGN) faces pressure from a big hedge fund for “chronic underperformance,” a survey of doctors suggests the drug maker may be “overly sanguine” about new competition for its Botox wrinkle smoother, and that sales growth and operating margins for the key product could take a hit.

Specifically, more than 75 percent of dermatologists reported they would be at least moderately more likely to offer a forthcoming treatment called Jeuveau to their existing Botox patients, if the new medication costs significantly less for them to purchase. Notably, Wall Street analysts expect Evolus (EOLS), which recently won regulatory approval for Jeuveau, to sell its drug at a discount of up to 25 percent.

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