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Fly News Breaks for March 6, 2018
VRX
Mar 6, 2018 | 06:04 EDT
Piper Jaffray analyst David Amsellem found Valeant Pharmaceuticals' "bullish commentary" surrounding the extent of contribution from new launches and its dermatology pipeline concerning. Management's longer-term aspirational goals for these products are unrealistic due to a combination of insufficient differentiation, the availability of generics, brand competition, and heavy payer contracting, Amsellem tells investors in a research note. Given this dynamic, coupled with a "mountain range" of debt maturities starting in 2020, the analyst believes Valeant's current multiple is "ripe for further contraction." Amsellem reiterates an Underweight rating on the stock with a $10 price target.
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