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Some Americans will go to almost any length to look good, and Allergan is there to profit from it.

Think of Allergan as a one-stop shop for all the cosmetic procedures: breast implants, Botox, dermal filters, gastric bands, skin creams and more. But there’s more to this company than meets the eye job.

Allergan is moving into some more traditional medical businesses. Botox is in trials to treat overactive bladders and migraines. Approval from the Food and Drug Administration for the former is still some ways away, but Cramer said about 28 million Americans could get a two-for-one deal come 2009: Botox to make headaches vanish along with those wrinkles.

It looks like Allergan is serious about cornering the market on overactive bladders, though. It bought Esprit, which recently got FDA approval for its treatment Sanctura. According to Allergan Chairman and CEO David Pyott, Botox and Sanctura are complementary approaches to the same problem. For patients who don’t respond to the oral treatment, Sanctura, there’s Botox as a backup.

Another treatment that Allergan has with enormous potential is its gastric band. The product got a boost in publicity when Johnson & Johnson released its own version, the Realize band. Traders started shorting AGN, thinking Allergan was in trouble, but according to Pyott the market is too wide open for that to happen at this point. Pyott said there are 12 million potential candidates for gastric bands in the U.S. alone, and his company only sold 43,000 last year. That’s a less than 1% penetration of the market.

“Allergan is just a strong buy,” Cramer said. “It remains my favorite pharmaceutical company – not just in the United States, but in the world. AGN is going higher.”

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