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VRX

Valeant

$21.80

-0.38 (-1.71%)

13:51
10/17/16
10/17
13:51
10/17/16
13:51

Valeant pricing strategy for Wellbutrin XL unsustainable, says Wells Fargo

Wells Fargo analyst David Maris said that, traditionally, brands facing the type of generic competition that Valeant's Wellbutrin XL faces see erosion in "the 90% range" and he wonders how the drug still shows growth despite having ten generic competitors. Maris concludes that the answer to that question is "pricing," and goes on to state that his review concludes that the company's pricing strategy for Wellbutrin XL is "unsustainable." The analyst maintains an Underperform rating on Valeant shares.

  • 16

    Nov

  • 14

    Dec

VRX Valeant
$21.80

-0.38 (-1.71%)

09/20/16
DBAB
09/20/16
INITIATION
Target $30
DBAB
Hold
Valeant reinstated with a Hold at Deutsche Bank
Deutsche Bank analyst Gregg Gilbert reinstated coverage of Valeant Pharmaceuticals with a Hold rating and $30 price target. Potential fines from the numerous investigations into the company are difficult to predict, Gilbert tells investors in a research note. The analyst assumes revenue for Valeant's dermatology business will begin to rebound in the second half of 2016 and into 2017. Before restricting coverage on the name, Deutsche had a Hold rating on the shares.
09/23/16
WELS
09/23/16
NO CHANGE
WELS
Underperform
Wells thinks Valeant's $1B acquisition in 2015 could be worth $50M or less
Wells Fargo analyst David Maris believes Valeant Pharmaceuticals will take a large impairment charge on the carrying value of Sprout, perhaps as much as 90% of its value. Sprout won approval in 2015 for Addyi, the first pill to aid a woman's sex drive. Valeant bought Sprout for $1B in August 2015, and in December 2015 forecasted sales of $100M-$150M, Maris points out. With sales in July, according to IMS, reaching only $696,235, Maris thinks Addyi "has no chance" of reaching $100M in 2016 and "might not even reach" $10M. He believes Sprout may be worth $50M or less. Without an add-back to adjusted earnings going forward, the [potential write-off would have a 14c per share impact to annual adjusted earnings in 2017 and beyond, Maris tells investors in a research note. Further, he believes Valeant could have other assets with this same problem, compounding the company's divestiture plans. Maris keeps an Underperform rating on Valeant with a $17-$22 price target range. The drugmaker closed yesterday down 12c to $26.85.
10/03/16
WELS
10/03/16
NO CHANGE
WELS
Underperform
Valeant legal woes may present bigger risk than realized, says Wells Fargo
Wells Fargo analyst David Maris said in a new note to investors that he continues to think investors are underestimating the potential downside posed by Valeant's legal troubles, whose stakes "might not be in the tens of millions, but much larger." Maris, who has kept an Underperform rating on Valeant Pharmaceuticals (VRX) since starting coverage of the stock in February, notes that the company has not taken any reserves for Allergan (AGN) or Philidor-related litigation.
10/14/16
WELS
10/14/16
NO CHANGE
WELS
Underperform
Wells says Valeant price hikes a reaction to 'disappointing' prescription trends
Wells Fargo analyst David Maris noted Valeant's announcement earlier today that the company has decided to raise prices by 2% to 9% on a broad range of products. He believes the price increases are a result of the company taking "a sobering look at disappointing prescription trends" and continues to contend that consensus estimates for Valeant in 2017 are too high. The analyst, who has kept an Underperform rating on Valeant shares since starting coverage of the stock in February, said the company's "story is the same as it has been, and the only change is in how it is being told."

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