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VRX

Valeant

$13.35

-0.4843 (-3.50%)

14:48
10/13/17
10/13
14:48
10/13/17
14:48

Concern over Valeant's financial controls 'likely just noise,' says Cantor

Cantor Fitzgerald analyst Louise Chen says she's received calls today regarding concerns about Valeant Pharmaceuticals' financial controls. As reported last night by The Fly, Wells Fargo analyst David Maris expressed concern over Valeant's controls after digging into the lawsuit from Depomed (DEPO). The shares in afternoon trading are down 4%, or 53c, to $13.32. Chen, after speaking with the company, believes the concerns are "likely just noise and cannot be strung together into an argument" that Valeant has issues with financial controls. She does not see any fundamental reasons for today's pullback. Valeant is already ahead of its debt pay-down objectives, and can lower its debt to four-to-five times EBITDA over the next several years, Chen tells investors in an afternoon research note titled "Tune Out The Noise, And Start The Weekend On A Positive Note." She keeps an Overweight rating on Valeant with a $23 price target.

  • 07

    Nov

VRX Valeant
$13.35

-0.4843 (-3.50%)

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.
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.
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.
10/12/17
WELS
10/12/17
NO CHANGE
Target $9
WELS
Underperform
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.

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