Valeant Pharma (VRX) TRx Continues Gains in Week 3 of Walgreens Deal - Evecore ISI

Week 3 TRx data from the Valeant Pharma (NYSE: VRX) - Walgreens (NYSE: WBA) deal continues to look promising, Evecore ISI's Umer Raffat notes.

Week 3 TRx was 79K, versus 70K in week 2, 63K in week 1 and 45-47K prior to the deal.

Raffat highlights that much of the TRx uptick were previously at Philidor, which was not captured by IMS. That said, the analyst said the uptick should not be ignored as "whole point with Philidor was that it had major over-billing irregularities, and investors believed that those TRx going through Philidor were "fraud" and may not get replicated in regular channel like walgreens etc."

Investors have asked "are these TRx rolling over from Philidor to Walgreens just because Valeant offering brand at generic pricing?" The analyst said NO - "Valeant's "brand for generic program" hasn't even started yet! ... they said it starts in summer."

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