Allergan will split the CEO and chairman roles as requested by Appaloosa, but only in the next leadership transition. The activist shareholder fired back with renewed opposition to leaving Brent Saunders in both top jobs.

Allergan’s Restasis patent cliff is imminent: full-year sales of the dry eye product declined 14% and the firm expects US generic competition by Q2. But Botox growth is steady, Vraylar is poised to add a major indication and other pipeline assets may add growth.

In the third quarter, generics of dry eye drug Restasis did not emerge as expected and Botox enjoyed double digit sales for therapeutic indications in the US, despite the entry of new competition in migraine treatment.