VRX
Valeant Pharmaceuticals International, Inc.NYSE
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  • Yesterday, 12:20 PM
    • Results from a Phase 3 clinical assessing Valeant Pharmaceuticals' (VRX +0.2%) IDP-118 (halobetasol propionate and tazarotene) lotion for the treatment of plaque psoriasis showed a success rate of over 45% (p<0.001). The primary endpoint was the proportion of patients achieving treatment success as defined by a minimum two-grade improvement in symptoms at week 8 as measured by a scale called IGA.
    • Data from a second Phase 3 will be available in 2017.
    • IDP-118 is a combination of two currently approved medications, halobetasol propionate, a corticosteroid, and tazarotene, a retinoid prodrug also used to treat acne.
    | Yesterday, 12:20 PM | 67 Comments
  • Wed, Nov. 30, 11:47 AM
    • The Financial Time reports that Takeda Pharmaceutical (OTCPK:TKPHF) lost its patience with Valeant Pharmaceuticals (VRX -7.9%) over its alleged inability to provide key information about Salix. A person close to the matter said the negotiations suffered because Valeant was unable to provide enough information about Salix's business and financials due to all the distractions and disruptions Valeant has endured over the past year.
    • Another source said the potential deal still has legs if Valeant can get its act together and deliver the information.
    • Takeda declined to comment on the situation while Valeant could not be immediately reached for comment.
    | Wed, Nov. 30, 11:47 AM | 129 Comments
  • Wed, Nov. 30, 10:37 AM
    • The woes continue for Valeant Pharmaceuticals (VRX -8.3%). According to the WSJ, negotiations with Takeda Pharmaceutical (OTCPK:TKPHF) over the $10B sale of Salix Pharmaceuticals have broken down due to last-minute disagreements.
    • Valeant is reportedly moving ahead with plans to build a direct sales force to promote Xifaxan (rifaximin). It acquired Salix in 2015 for $14.5B.
    | Wed, Nov. 30, 10:37 AM | 66 Comments
  • Wed, Nov. 23, 11:15 AM
    • Valeant Pharmaceuticals (VRX -5.8%) doesn't have many supporters among sell-side analysts. Mizuho Securities just downgraded it to Underperform from Neutral and lowered the price target to $11 (35% downside risk) from $25. It's quite a reversal for analyst Irina Koffler. Last year she had a $155 price target on the stock.
    • Out of 13 analysts, only three have a bullish rating on the stock. Most are neutral. Only one other shop, Wells Fargo, rates its Underperform.
    | Wed, Nov. 23, 11:15 AM | 128 Comments
  • Tue, Nov. 22, 9:39 AM
    • Prosecutors going after ex-Philidor CEO Andrew Davenport and ex-Valeant (VRX +0.9%) liaison Gary Tanner are reportedly using their obvious leverage to snare their ultimate targets of ex-Valeant CEO Michael Pearson and ex-CFO Howard Schiller.
    • On the day of his arrest, Davenport's lawyer said Valeant's managers were "sophisticated and active." Needless to say, both Davenport and Tanner will be very cooperative with authorities in detailing what they knew about the involvement and knowledge of senior Valeant executives in Philidor's operations.
    • In mid-2013, both Pearson and Schiller signed off on a contract formalizing the relationship between Valeant and Philidor. By October 2014, Valeant executives and board members had visited the specialty pharmacy. Valeant also provided input to the hiring to certain Philidor employees (in-house counsel and head of compliance).
    • Mr. Tanner's boss was EVP Laizer Kornwasser who reported directly to Mr. Pearson. He has not be accused of wrongdoing yet.
    | Tue, Nov. 22, 9:39 AM | 57 Comments
  • Fri, Nov. 18, 11:53 AM
    • Barron's reports that S3 Partners research chief Ihor Dusaniwsky says short sellers are regaining their mojo with Valeant Pharmaceuticals (VRX +0.2%) as various government investigations continue to dog the company.
    • This month, short interest has climbed to $626M, up 18% from October's $532M. Short interest peaked at $2.5B during Valeant's pursuit of Allergan (AGN -2.1%) but dropped to $1.2B by the end of 2015.
    • He adds that VRX remains at General Collateral levels (cheapest to borrow) and there are plenty of shares available for bears.
    | Fri, Nov. 18, 11:53 AM | 35 Comments
  • Thu, Nov. 17, 2:57 PM
    • Wells Fargo analyst David Maris tells investors that Valeant Pharmaceuticals (VRX -0.4%) has no reserves established to pay for any legal liabilities, a significant risk in his view, considering today's arrests of Andrew Davenport and Gary Tanner and the multitude of lawsuits against the company and its affiliates.
    • He rates the stock Underperform with a $10 - 13 target price range (35% downside risk from the midpoint).
    | Thu, Nov. 17, 2:57 PM | 66 Comments
  • Thu, Nov. 17, 1:15 PM
    • More details are emerging from the federal complaint against former Valeant Pharmaceuticals (VRX +0.4%) Philidor liaison Gary Tanner. Philidor, through CEO Andrew Davenport, paid Mr. Tanner up to $10M to promote Philidor's interests in Valeant including convincing management to purchase an option to acquire the specialty pharmacy.
    • According to the complaint, Mr. Tanner was in charge of "alternative fulfillment" which was the practice of using mail-order pharmacies to funnel prescriptions for branded drugs instead of generics.
    • The alleged kickbacks ensured that Mr. Tanner resisted efforts by Valeant management to establish relationships with Philidor competitors. He was also instrumental in persuading management to enter into the December 2014 purchase-option agreement.
    • Philidor grew from a tiny start-up to a 450-employee-strong operation due almost entirely to Valeant, which accounted for at least 90% of its dispensing volume before collapsing.
    • Both men were arrested this morning.
    • Update: Reuters reports that the $10M came from the $40M that Mr. Davenport made from the $100M option Valeant purchased for the right to acquire Philidor. Both men face charges of conspiracy to commit wire fraud and conspiracy to commit money laundering in addition to other charges. Investigators are continuing their inquiry into possible corruption and fraud at Valeant. Former CEO Micheal Pearson and former CFO Howard Schiller continue to deny wrongdoing.
    | Thu, Nov. 17, 1:15 PM | 14 Comments
  • Thu, Nov. 17, 11:09 AM
    • In a statement, Valeant Pharmaceuticals (VRX -3%) says it was the one defrauded by the actions of former Philidor CEO Andrew Davenport and former company liaison Gary Tanner. It adds that Mr. Tanner left the company on September 13, 2015 and Mr. Davenport was never in the employ of Valeant.
    • The company continues to cooperate with authorities in the matter.
    | Thu, Nov. 17, 11:09 AM | 55 Comments
  • Thu, Nov. 17, 10:40 AM
    | Thu, Nov. 17, 10:40 AM | 13 Comments
  • Thu, Nov. 17, 10:30 AM
    | Thu, Nov. 17, 10:30 AM | 9 Comments
  • Thu, Nov. 17, 9:52 AM
    • Valeant Pharmaceuticals (VRX -4.6%) slumps on the news that the NY District Attorney for the Southern District of New York will host a press conference today at 12:00 noon ET to announce charges against Gary Tanner, Valeant's former liaison with non-defunct specialty pharmacy Philidor.
    | Thu, Nov. 17, 9:52 AM | 77 Comments
  • Fri, Nov. 11, 6:52 AM
    • Valeant Pharmaceuticals (NYSE:VRX) downgraded to Neutral from Buy by Rodman & Renshaw. Price target lowered to $23 (37% upside) from $81.
    • WellCare Health Plans (NYSE:WCG) downgraded to Neutral from Overweight by JPMorgan.
    • Universal Health Services (NYSE:UHS) downgraded to Neutral from Buy by Bank of America. Price target lowered to $135 (12% upside) from $150.
    • UnitedHealth Group (NYSE:UNH) downgraded to Neutral from Buy by Mizuho Securities.
    • Globus Medical (NYSE:GMED) downgraded to Market Perform from Outperform by JMP Securities and William Blair. Downgraded to Market Perform from Outperform by Oppenheimer. Price target lowered to $23 (7% upside) from $29. Downgraded to Market Perform by Citigroup. Price target lowered to $23 (7% upside) from $29.
    • Kindred Healthcare (NYSE:KND) downgraded to Sell from Hold by Stifel Nicolaus. Price target lowered to $5 (19% downside risk) from $10. Downgraded to Sector Perform by RBC Capital Markets and Royal Bank of Canada. Price target lowered to $9 (46% upside) from $16 by both.
    • Impax Laboratories (NASDAQ:IPXL) downgraded to Underperform from Neutral with a $19 (32% upside) price target by Bank of America.
    • BioMarin Pharmaceutical (NASDAQ:BMRN) downgraded to Neutral from Overweight by Piper Jaffray. Price target lowered to $84 (10% downside risk) from $105.
    | Fri, Nov. 11, 6:52 AM | 26 Comments
  • Fri, Nov. 11, 2:16 AM
    • Valeant (NYSE:VRX) may change its name to help boost its reputation, board member Bill Ackman told CNBC.
    • A number of names are being considered, including the well-known moniker of its largest business, eyecare specialist Bausch & Lomb.
    • That would be the latest effort by Valeant to break from its past, after hiring a new CEO, overhauling its board and exploring billions of dollars in asset sales to pay down over $30B in debt.
    | Fri, Nov. 11, 2:16 AM | 95 Comments
  • Thu, Nov. 10, 1:55 AM
    • Valeant (NYSE:VRX) received an investigative subpoena from the California Department of Insurance in September following allegations that it forced customers to pay higher prices for its drugs.
    • The request seeks materials including documents concerning Valeant's former relationship with Philidor, now defunct, and certain pharmacies responsible for the marketing and distribution of its products in California.
    • SEC Form 10-Q
    | Thu, Nov. 10, 1:55 AM | 45 Comments
  • Wed, Nov. 9, 3:59 PM
    • Valeant Pharmaceuticals (VRX +7.6%) has received a warning letter from the FDA regarding quality systems violations at its Rochester, NY manufacturing site. The violations were noted during an on-site inspection in late August.
    • Specifically, the inspection found that the company's SPAG-2 and ONSET Mixing Pen devices are considered adulterated because validation activities were either not performed or documented. The inspector also noted that corrective and preventative actions pertaining to field notification for the mixing pen were incomplete since they did not detail or document how the adulteration affected products in inventory and that its non-conformance investigations were not always completed documented.
    • A warning letter establishes prior notice to the company that the regulatory violations should be resolved promptly. Failure to do so could result in more significant actions from the FDA, but the vast majority are addressed satisfactorily.
    | Wed, Nov. 9, 3:59 PM | 52 Comments