Drugmaker Pfizer Inc.’s PFE decision to call off its $160 billion deal to combine with Botox maker Allergan plc AGN was a largely expected move considering that the new Treasury guidance announced earlier this week (Read more: Is Pfizer-Allergan Deal in Trouble with New Treasury Rules?). Now that the deal has been called off, here’s a look at what lies ahead for both companies. Stand-Alone Allergan’s Growth Strategy Allergan held a conference call to discuss its strategy and said that its growth profile remains unchanged. So the company, which has about 70 mid-to-late stage programs in its pipeline, will continue focusing on driving sales of products like Botox, Restasis, Viibryd, and Linzess among others and will also be looking forward to new products like Viberzi, Kybella, Vraylar, Dalvance etc. to drive long-term growth. The company also has the divestiture of its generics business to Teva Pharmaceutical Industries Limited TEVA coming up in a deal slated to close in June. The after-tax cash and equity proceeds of $36 billion from the Teva transaction can be used by Allergan to pay down debt or pursue business deals or to buy back shares. Allergan expects branded revenues of $17 billion this year and the tax rate is expected to be about 14% post the Teva deal. The company will remain Irish domiciled and said that the notice from the Treasury does not affect its previously completed transactions. Will Pfizer Look for Other Deals? Now that Pfizer is not moving ahead with the Allergan deal, speculations about the company pursuing other non-U.S. based companies have started. At one point of time, Pfizer had failed in its efforts to acquire AstraZeneca. Currently, names of other UK-based firms like GlaxoSmithKline plc GSK are being considered as being on Pfizer’s radar. In addition to a desire to lower its tax rate, Pfizer needs to boost its product portfolio as well as pipeline. Meanwhile, investors will be interested in knowing whether Pfizer will split its innovative and established businesses – the company expects to arrive at a decision by the year end. Both Pfizer and Allergan are Zacks Rank #3 (Hold) stocks. Eli Lilly and Company LLY is a better-ranked healthcare stock with a Zacks Rank #2 (Buy). 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 >>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 PFIZER INC (PFE): Free Stock Analysis Report LILLY ELI & CO (LLY): Free Stock Analysis Report ALLERGAN PLC (AGN): Free Stock Analysis Report GLAXOSMITHKLINE (GSK): Free Stock Analysis Report TEVA PHARM ADR (TEVA): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research