Legally, yes. Unless if Adobe itself supports program portability, then it's a no. I haven't seen any adobe products being portable.
If you're talking about piracy, then it won't matter if it requires installer or not. Some are portable(like mine), and some are installers.
Bonus:
If there's an adobe product installed on a computer, you can copy the entire program directory and save it on another pc. It'll still work, that is assuming that the required dependencies are installed(vc++ 2010, etc)