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VRX

Valeant

$13.83

-0.46 (-3.22%)

, DEPO

Depomed

$5.12

-0.28 (-5.19%)

19:54
10/12/17
10/12
19:54
10/12/17
19:54

Wells wonders about Valeant's financial controls amid Depomed lawsuit

On September 7, Depomed (DEPO) filed suit against Valeant Pharmaceuticals (VRX) for failure to pay royalties on Glumetza, Wells Fargo analyst David Maris tells investors in a research note titled "Another Dispute With Another Partner." Depomed claims more than $20M is owed and that its auditor KPMG uncovered that Valeant "failed to maintain full and accurate records of its Glumetza transactions," Maris points out. The analyst, who has a longstanding Underperform rating Valeant shares, says his interest in the case goes beyond the money owed and more to what it might suggest about the current state of the company's financial controls and the use of adjusted versus non-adjusted earnings. In addition to the Depomed lawsuit, Valeant is also in arbitration with Cosmo and Alfa Wasserman over Xifaxan and in litigation with former shareholders of Sprout regarding Addyi, Maris adds. He's interested in how Valeant intends to handle reporting for a potential settlement or payment related to the Depomed suit. Valeant closed today down 47c to $13.83, above Maris' price target of $9.00.

VRX

Valeant

$13.83

-0.46 (-3.22%)

DEPO

Depomed

$5.12

-0.28 (-5.19%)

  • 07

    Nov

VRX Valeant
$13.83

-0.46 (-3.22%)

10/09/17
DBAB
10/09/17
NO CHANGE
Target $19
DBAB
Hold
Deutsche's gastroenterologist survey bodes well for Valeant
Deutsche Bank analyst Gregg Gilbert says his firm's survey of 25 primary care physicians that frequently prescribe drugs for irritable bowel syndrome bodes well for Valeant Pharmaceuticals (VRX) and less so for Allergan (AGN). The survey found doctors expect their prescribing for IBS with diarrhea to increase over the next year, Gilbert tells investors in a research note. They expect solid share growth for Valeant's Xifaxan and have more modest expectations for Allergan's Viberzi, Gilbert writes. The analyst has a Hold rating on Valeant and Buy rating on Allergan.
09/28/17
WELS
09/28/17
NO CHANGE
WELS
Underperform
Valeant attributes today's selloff to confusion about filing, says Wells Fargo
Valeant Pharmaceuticals suggested the 5% intraday pullback in its shares may be related to confusion about a recent regulatory filing concerning a potential offering, Wells Fargo analyst David Maris tells investors in a research note. The company's private placement exemption application relates to a potential placement of a maximum $1.5B in senior notes, not equity, Maris points out after speaking to Valeant. The company told Maris that some investors may have misread the filing as an exemption for a potential equity raise, which it is not. Valeant, though, previously said equity is not off the table as a means to bring down debt, which could have contributed to today's confusion, Maris writes in a late afternoon research note. He keeps an Underperform rating on Valeant shares, which are down in afternoon trading 4%, or 64c, to $13.75.
09/25/17
DBAB
09/25/17
NO CHANGE
Target $19
DBAB
Hold
Valeant 2018 consensus estimates look too high, says Deutsche Bank
Deutsche Bank analyst Gregg Gilbert says 2018 consensus estimates for Valeant Pharmaceuticals look too high after he updated his model to reflect a more conservative view. The analyst now assumes more significant erosion for the company's Dermatology segment and more modest growth for Salix in 2018. His 2018 earnings per share estimate of $3.05 is well below the consensus at $3.54. Gilbert, however, continues to see the potential for "solid" growth beyond 2018, which represents a "trough year" in his model. He keeps a Hold rating on Valeant shares with a $19 price target.
08/31/17
RAJA
08/31/17
NO CHANGE
RAJA
Market Perform
Investors wrong to think Fosun will acquire Impax, says Raymond James
Raymond James analyst Elliot Wilbur says shares of Impax Laboratories (IPXL) are up 20% after Shanghai Fosun Pharmaceutical disclosed this morning a 5.19% stake in the company. Investors interpreting the investment as strategic, setting up an eventual takeover of Impax, is inaccurate, Wilbur tells investors in a research note. The analyst points out that Shanghai Fosun has a New York-based investment arm with positions in companies including Valeant Pharmaceuticals (VRX), Dova Pharmaceuticals (DOVA) and Nature's Sunshine Products (NATR). The stake is just a passive investment made because the investment arm of Shanghai Fosun believes in the Impax turnaround story "and nothing more," Wilbur contends. He keeps a Market Perform rating on Impax. The stock in afternoon trading is up 20%, or $3.62, to $21.58.
DEPO Depomed
$5.12

-0.28 (-5.19%)

08/08/17
08/08/17
DOWNGRADE
Target $5

Underweight
Depomed downgraded to Underweight at Morgan Stanley
As previously reported, Morgan Stanley downgraded Depomed to Underweight and slashed its price target to $5 from $12. Analyst David Risinger believes pressures on Nucynta, an opiod for pain, will continue to persist as prescriptions decline.
08/08/17
MSCO
08/08/17
DOWNGRADE
MSCO
Underweight
Depomed downgraded to Underweight from Equal Weight at Morgan Stanley
08/08/17
08/08/17
DOWNGRADE
Target $8

Neutral
Depomed downgraded to Neutral after another guidance cut at Janney Capital
As previously reported, Janney Capital analyst Ken Trbovich downgraded Depomed to Neutral from Buy, saying he reads the company's surprising lowering of its full-year guidance for revenues and raising of its expense guidance as an admission that the challenges facing its business are far greater to overcome than just fixing its sales force alignment. Trbovich, who noted that this was the fifth time in the past six quarters that Depomed has lowered the upper end of its revenue view, cut his fair value estimate on the stock to $8 from $18.
08/08/17
JANY
08/08/17
DOWNGRADE
JANY
Neutral
Depomed downgraded to Neutral from Buy at Janney Capital

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HGV

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PRGX

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