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Saunders' Takes Responsibility for Allergan's Q3 Miss

Brent Saunders on Wednesday accepted accountability for the drugmaker's earnings miss, but also reiterated that for Allergan (AGN) , buying back stock will take precedence over acquisitions as its most accretive driver after the six tuck-in deals announced in its third quarter raised concern among some investors.

The CEO told investors on a conference call that he takes "personal responsibility" for widely missing the company's third quarter earnings target.

"In fairness, it's something that frankly under my leadership we've never had," Saunders said, adding that while the miss is disappointing, "the business is not less predictable in any way, shape or...