Valeant Pharmaceuticals could get more credit for its dermatology pipeline over time as it discloses more details on assets, secures approvals, and executes on launches, Deutsche Bank analyst Gregg Gilbert tells investors in a research note. He notes that one key difference between Valeant's longer-term outlook and his model is sales potential for the dermatology business. Management believes it can double sales from 2018-2022 to greater than $1B while Gilbert's estimates are much lower at $600M, likely due to lower pipeline contribution. He believes success in dermatology would represent "significant upside" to his current price target of $20. The analyst continues to like the risk/reward for the stock and maintains a Buy rating on Valeant.