Allergan plc AGN stock has risen 4.2% since it announced second-quarter earnings on Jul 26.Allergan beat second-quarter estimates for both earnings and sales. Earnings of $4.42 per share rose 10% year over year. Revenues came in at $4.12 billion, up 2.9% from the year-ago period. Key products like Botox, Juvéderm collection of fillers, Vraylar, Linzess and Lo Loestrin pulled up the top line in the quarter.Allergan raised its earnings and sales guidance range for 2018. A better-than-expected first-half performance and a delay in entry of generic version of its blockbuster dry-eye drug, Restasis led to the increase in the guidance. A generic version of Restasis, Allergan’s second best-selling drug, is now expected to be launched between August and October versus the original expectation of April to July.In fact, Allergan is having a relatively better 2018. Allergan’s share price has picked up in 2018 after underperforming the industry in the second half of 2017So far this year, Allergan’s shares have outperformed the industry. Allergan’s shares have risen 12.7% in the period compared with a 2.0% increase for the industry. Allergan’s key products like Botox and Linzess and new products such as Viberzi and Vraylar are supporting sales amid ongoing exclusivity challenges for older products like Alzheimer’s treatment, Namenda XR and Restasis.The first generic versions of Namenda XR and Estrace cream were launched in the first quarter. Meanwhile, a generic version of Delzicol is also expected to be launched this year.Allergan also continues to deliver on its R&D pipeline with meaningful data readouts and regulatory updates in the first half. Allergan has more than 65 projects in mid-to-late stage development including six key phase III programs including Ubrogepant and Atogepant for migraine, Abicipar for age-related macular degeneration (AMD), Cariprazine for bipolar depression, and Bimatoprost SR for glaucoma. This year, Allergan announced positive top-line data from late-stage studies on Ubrogepant, Atogepant, Abicipar and Bimatoprost SR, which also pushed up the share price. In July, Allergan exercised its option to buy development/commercialization rights to Editas Medicine, Inc.’s EDIT lead CRISPR genome-editing ocular therapy, EDIT-101.Several pipeline and regulatory events are scheduled in second half of 2018/2019. Regulatory applications for Cariprazine is expected to be filed in the second half of 2018 while that for Ubrogepant, Bimatoprost SR and Abicipar are expected in 2019. So this late-stage pipeline has the potential to lead to major product launches over the next couple of years.Allergan has also delivered on its biosimilars pipeline this year, which represents significant growth opportunity. Allergan has a collaboration agreement with Amgen AMGN for the worldwide development and commercialization of four oncology antibody biosimilars. Amgen/Allergan’s biosimilar version of Roche’s RHHBY Avastin, Mvasi, was approved in the United States in September 2017 and in the EU in January this year. Meanwhile, the biosimilar versionof Roche’s another cancer drug Herceptin, Kanjinti was launched in the EU last month while it is under review in the United States. A biosimilar of Rituxan (ABP 798) is in phase III development.In January 2018, Allergan announced that it is laying off over 1,000 employees as part of a cost-saving and restructuring program. The job cuts and other cost-savings measures saved operating costs by approximately $400 million in 2018 at this crucial time when Allergan is facing competitive and generic pressure related to some of its highest revenue generating products.Earlier this year, Allergan said that it is looking to divest its Women’s Health and Anti-Infectives units to focus on four core businesses, Aesthetics, Eye Care, CNS, and GI, a prudent decision in our view.Allergan, which carries a Zacks Rank #3 (Hold), has its share of challenges in the form of loss of exclusivity for many products. Also, possible new competition for key growth drivers, Botox, Restasis and Linzess, is a concern. However, we believe that continued strong sales of products like Botox, aggressive cost savings and strategic initiatives, consistent pipeline success and frequent collaboration/partnership deals will keep the stock afloat through the rest of the year.You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Today's Stocks from Zacks' Hottest StrategiesIt's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.See Them Free>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Roche Holding AG (RHHBY): Free Stock Analysis Report Allergan plc (AGN): Free Stock Analysis Report Amgen Inc. (AMGN): Free Stock Analysis Report Editas Medicine, Inc. (EDIT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research