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VRX

Valeant

$13.59

-0.79 (-5.49%)

18:14
03/01/17
03/01
18:14
03/01/17
18:14

Valeant corrects 'erroneous' report about Salix investigation

Valeant Pharmaceutical said it "corrected an erroneous news report that mischaracterized the timing of the initiation of an SEC investigation disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2016, which was filed today." The SEC investigation into possible securities law violations by Salix was first disclosed by Valeant on April 30, 2015 in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, and subsequently thereafter in its quarterly and annual filings. The disclosure in the company's Form 10-K filed today is identical to the disclosure included in the company's Form 10-Q filed on October 26, 2015. This investigation relates to legacy Salix matters that precede the acquisition of Salix by Valeant in April 2015.

  • 02

    Mar

  • 14

    Mar

VRX Valeant
$13.59

-0.79 (-5.49%)

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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