RBC Affirms Concordia (CXRX) at 'Outperform' as Q2 Profit Meets Lowered Expectations
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RBC Capital is out with initial commentary on Concordia International (Nasdaq: CXRX) following Q2 results and other matters announced earlier. The firm rates CXRX at Outperform wth a price target of $33.
Analyst Douglas Miehm commented,
CXRX's Q2 results, which faced lower expectations from the street, were in-line with consensus. In our view, the results were slightly above our expectations but we anticipate the focus will be on the revised guidance as the company lowered its 2016 guidance below the street's revised expectations. We also note that EVP & Board Member Ed Borkowski will replace Adrian de Saldanha as CFO of Concordia. Mr. Borkowski has held CFO roles at Amerigen Pharmaceuticals and Mylan and we view his appointment positively.
Management lowered its 2016 guidance from $1.02-1.06B to $859-888MM in revenue (consensus $944MM). Adj. EBITDA guidance was also lowered from $610-640MM to $510-540MM (consensus $579MM). Prior guidance was based on 1.53x GBP/USD exchange rate and current guidance is based on 1.31x GBP/USD exchange rate. Guidance was lowered to reflect competitive pressure in Donnatal and Plaquenil, genericization of Nilandron, and FX impact.
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