Adobe say that Adobe reader 11.0.07 can be installer over any versions of Adobe Reader starting XI. So your "IsInstallable" rule can be something like this :
<msiar:MsiProductInstalled ProductCode="{ac76ba86-7ad7-1036-7b44-ab0000000001}"/>
<bar:RegSzToVersion Key="HKEY_LOCAL_MACHINE" Subkey="SOFTWARE\Wow6432Node\Microsoft\Windows\CurrentVersion\Uninstall{AC76BA86-7AD7-1036-7B44-AB0000000001}" Value="DisplayVersion" Comparison="LessThan" Data="11.0.7.0"/>
and your "IsInstalled" ruel can be something like this :
<bar:RegSzToVersion Key="HKEY_LOCAL_MACHINE" Subkey="SOFTWARE\Wow6432Node\Microsoft\Windows\CurrentVersion\Uninstall{AC76BA86-7AD7-1036-7B44-AB0000000001}" Value="DisplayVersion" Comparison="EqualTo" Data="11.0.7.0"/>
<msiar:MsiProductInstalled ProductCode="{ac76ba86-7ad7-1036-7b44-ab0000000001}"/>
<bar:RegSzToVersion Key="HKEY_LOCAL_MACHINE" Subkey="SOFTWARE\Wow6432Node\Microsoft\Windows\CurrentVersion\Uninstall{AC76BA86-7AD7-1036-7B44-AB0000000001}" Value="DisplayVersion" Comparison="LessThan" Data="11.0.7.0"/>
and your "IsInstalled" ruel can be something like this :
<bar:RegSzToVersion Key="HKEY_LOCAL_MACHINE" Subkey="SOFTWARE\Wow6432Node\Microsoft\Windows\CurrentVersion\Uninstall{AC76BA86-7AD7-1036-7B44-AB0000000001}" Value="DisplayVersion" Comparison="EqualTo" Data="11.0.7.0"/>