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VRX

Valeant

$13.97

-0.415 (-2.89%)

15:25
03/01/17
03/01
15:25
03/01/17
15:25

Valeant reports California Department of Insurance investigations

In a regulatory filing, Valeant disclosed that on or about September 16, 2016, the company received an investigative subpoena from the California Department of Insurance. The materials requested include documents concerning the company's former relationship with Philidor and certain California-based pharmacies, the marketing and distribution of its products in California, the billing of insurers for its products being used by California residents, and other matters. Also, on May 4, 2016, Bausch & Lomb International received from the Office of the California Insurance Commissioner an administrative subpoena to produce books, records and documents. On September 1, 2016, a revised and corrected subpoena, issued to B&L Inc., was received naming that entity in place of B&L International and seeking additional books records and documents. The requested books, records and documents are being requested in connection with an investigation by the California Department of Insurance and relate to, among other things, consulting agreements and financial arrangements between B&L and healthcare professionals in California, the provision of ocular equipment, including the Victus femtosecond laser platform, by B&L to healthcare professionals in California and prescribing data for prescriptions written by healthcare professionals in California for certain of B&L's products, including the Crystalens, Lotemax, Besivance and Prolensa. The company said it is cooperating with the investigations, adding that it "cannot predict the outcome or the duration of this investigation or any other legal proceedings or any enforcement actions or other remedies that may be imposed."

  • 02

    Mar

  • 14

    Mar

VRX Valeant
$13.97

-0.415 (-2.89%)

02/28/17
WELS
02/28/17
NO CHANGE
WELS
Underperform
All Valeant franchises 'stagnating or in decline,' says Wells Fargo
In a post-earnings research note titled "Saying It Does Not Make It So," Wells Fargo analyst David Maris tells investors to review Valeant Pharmaceuticals' financial statement facts "very carefully." Valeant appears to claim victory in its earnings release by stating it has stabilized and strengthened its business, but its franchises "all appear to be stagnating or in decline and cash generation continues to deteriorate," Maris writes. He points out the company's adjusted EBITDA declined 20% in 2016 and 24% in Q4 relative to last year. Maris says his first look at the Q4 results indicate a worse than expected quarter. He keeps an Underperform rating on Valeant with a $10-$13 price target range. The stock in early trading is down 10%, or $1.75, to $14.96.
03/01/17
JPMS
03/01/17
NO CHANGE
Target $15
JPMS
Neutral
JPMorgan sees 'challenging' year for Valeant, cuts target to $15
After speaking with management following the Q4 earnings report, JPMorgan analyst Chris Schott believes 2017 will be a "challenging" year for Valeant Pharmaceuticals due to "significant" generic pressures, currency headwinds and the "negative drag" from announced divestitures. The analyst continues to see a "long road to recovery" for the Valeant story. He cut his price target for the shares to $15 from $22 after lowering again his 2017 estimates for sales, earnings and EBITDA. Schott keeps a Neutral rating on Valeant. The drugmaker closed yesterday down 14%, or $2.33, to $14.38 following its Q4 earnings report.
03/01/17
ADAM
03/01/17
NO CHANGE
Target $17
ADAM
Hold
Valeant guidance portends weaker outlook, says Canaccord
Canaccord analyst Neil Maruoka noted Valeant announced inline Q4 results and guidance that was below expectations. He believes the lowered guidance did not reflect the impact of recent divestitures, meaning guidance could be lowered further. Maruoka maintained his Hold rating and lowered his price target to $17 from $19 on Valeant shares.
03/01/17
BMOC
03/01/17
NO CHANGE
Target $19
BMOC
Market Perform
Valeant price target lowered to $19 from $21 at BMO Capital
BMO Capital analyst Gary Nachman noted that Valeant management struck a cautious tone along with its 2017 guidance and he lowered his estimates "meaningfully" in the wake of its report and outlook commentary. The analyst, who cut his price target on Valeant shares to $19 from $21, keeps a Market Perform rating on the stock, citing caution on its ability to accelerate debt paydown and the wait for improved execution.

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