Long Ideas | Healthcare  | Canada

Valeant: Much More Upside Remains, Despite Messy Quarter

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About: Bausch Health Companies Inc. (BHC)
by: Warwick Simons
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Warwick Simons
Quality Firms, Growth Opportunities, at Unreasonably Low Prices
Cogent Alpha
Summary

Valeant Q2 earnings beat market expectations, but fell short of mine.

Salix performance was very strong; B&L solid too.

Dermatology performance was weak and continues to drag on potential recovery.

Valeant still worth $60/share in late 2019, but I am less bullish than previously.

Valeant (VRX) reported Q2 earnings on Tuesday morning. In this article, I review these earnings and update my investment thesis that I had previously outlined here (Part I and Part II).