Is Allergan about to get its groove back?

(Click for video linked to a searchable transcript of this Mad Money segment)

With the stock down sharply since April, is Allergan finally ready to rebound?

That's a pressing question for Jim Cramer.

"I've liked this stock for a long time not only for its breast implants, wrinkle-removers, and eyelash enlargers, but also for its more traditional drug business focused on eye care and migraines," Cramer said.

In April 2012, Cramer called Allergan 'a fabulous growth stock.'

But even the most fabulous stocks can hit a rough patch.

Shares have been under pressure for the past several months after Allergan said that Darpin, a highly anticipated drug, had encountered delays.

"We also learned that Allergan's second biggest drug, Restasis for dry eye, might face generic competition sooner than expected," Cramer said.

Developments sent investors running for the exits.

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Adam Jeffery | CNBC

Cramer, however, can't help but wonder if sellers will regret their decision. The latest earnings report suggests strength not weakness.

Allergan reported a second-quarter profit of $359.9 million, or $1.19 a share, up from $295.4 million, or 96 cents a share, a year earlier. Revenue increased 10% to $1.6 billion.

Meanwhile, Allergan's medical device segment posted sales of $229.3 million during the quarter, up 7.4% compared with Q2 2012; sales for its breast implant business were up 5.5% to $106.8 million and sales for its facial aesthetics business were $122.5 million, up 9.1%.

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Cramer thinks the strong earnings may be just an early glimpse of all the good things to come.

He reminded that "Allergan throws off a lot of cash and it still has consistent earnings per share growth in the mid-teens."

In the past Cramer has cited a slew of other positive catalysts ranging from the company's clear growth path and international expansion plans to its strong balance sheet and shareholder friendly initiatives.

All told, Cramer remains bullish. If anything, he believes the weakness is an opportunity. "I'm a buyer," Cramer said.

Call Cramer: 1-800-743-CNBC

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