Allergan seemed to have a day much like Foster Wheeler. Despite reporting strong quarterly numbers, analysts decided to harp on one weak-looking part of the business. The negativity took the stock down 3% Wednesday.

Here’s the story: Allergan

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[AGN  Loading...      ()   ] beat consensus estimates in both sales and earnings per share, and “blew out the numbers in R&D,” Chairman and CEO David Pyott said, registering 32% growth year-over-year. But it was concern over a dip in Botox’s U.S. performance that had Wall Street concerned.

Pyott begged investors to look at the big picture. Measured in constant currency, which excludes the benefits of a weak dollar, international Botox sales still grew at twice the rate as those in the U.S. So the overall business isn’t hurting.

Not to mention, Botox Cosmetic is only one small part of a big portfolio of Botox franchises, Pyott pointed out. And Botox accounts for a mere 10% of Allergan’s total sales.

The CEO called Wall Street’s reaction a short-term, saying that as long as “we just continue to deliver and perform, these things just iron themselves out.”

Cramer’s take? “At $52, this stock has gotten too cheap,” he said. “The analysts are too negative. This is your chance to buy Allergan.”

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