A Must-Own Defensive Stock

In this market environment, Cramer on Monday said it's important to have something defensive in your portfolio.

Take Allergan, for example. While the drug manufacturer is widely known for its Botox, breast implants and other cosmetic products, Cramer noted the Irvine, Calif.-based company also makes "real medicine." It's developed Botox not only as an effective treatment on wrinkles, but on migraines, too. It's currently waiting for the U.S. Food and Drug Administration to OK Botox as a treatment for overactive bladder, as well.

Allergan also has a large eye-care business, which helps people preserve and protect their vision. Its medical device business makes a variety of products, including an obesity-intervention device called Lap-Band.

Cramer likes Allergan because unlike other pharmaceutical companies, its products aren't at risk of losing patent protection anytime soon. Unlike other health care companies, it isn't greatly impacted by health care reform or Medicare, Medicaid reimbursement. It has healthy profits and a strong pipeline, too.

Although a defensive stock, Cramer noted Allergan still has a lot of growth. He thinks it's a must-own in this environment, but wanted to hear more from CEO David Pyott. Watch the videoto see the full interview.

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