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Moody's Downgrades Valeant Pharma (VRX) CFR to B3 from B2; Outlook Negative
November 8, 2016 2:14 PM ESTMoody's Investors Service downgraded the ratings of Valeant Pharmaceuticals International, Inc. (NYSE: VRX) and subsidiaries, including the Corporate Family Rating to B3 from B2 and the Probability of Default Rating to B3-PD from B2-PD. Other downgrades include the senior secured bank credit facilities to Ba3 (LGD 2) from Ba2 (LGD 2) and senior unsecured debt to Caa1 (LGD 5) from B3 (LGD 5). At the same time, Moody's affirmed Valeant's SGL-3 Speculative Grade Liquidity Rating. The rating outlook is negative.
The downgrade reflects Valeant's challenges in turning around its specialty pharmaceuticals business, resulting in weak... More
Guggenheim Remains Positive on Valeant (VRX) post Q3: 'In the Kitchen Sink, but Not Down the Drain'
November 8, 2016 10:35 AM ESTGuggenheim analyst Louise Chen weighed in on Valeant Pharmaceuticals (NYSE: VRX) after the company reported, as expected, a 3Q16 miss and lowered its '16 EPS guidance.
Chen commented, "VRX has noted since its 1Q16 call that the business should start to recover in 2H16. Evidence of this was demonstrated in 3Q16 as VRX reported sequential improvements in sales and EBITDA throughout the year. Therefore, despite the miss and... More
Valeant Pharma (VRX) Sees Solid Bounce Off Morning Lows
November 8, 2016 10:16 AM ESTValeant Pharma (NYSE: VRX) has moved solidly off morning lows but remains down 20.5% to $15.21. Shares were down as much as 28% to $13.77 earlier.
The bounce could be short covering.
... MoreBiggest Takeaway from Valeant (VRX) Call is 2017 Revs and EBITDA Expected to Be Below 2016 - Evecore ISI's Raffat
November 8, 2016 10:03 AM ESTEvecore ISI analyst Umer Raffat said by far the biggest takeaway from Valeant Pharma (NYSE: VRX) call is that 2017 revenues and EBITDA is expected to be below 2016. The CFO flagged generic competition against Isuprel, Virazole, Syprine, Mephyton etc.
Raffat said the single... More
FDA Posts Valeant Pharma (VRX) Warning Letter Related to Rochester Plant
November 8, 2016 9:33 AM ESTFDA posts warning letter issued to Valeant Pharma (NYSE: VRX) related to its Rochester plant.
Mr. Joseph C. Papa, Chairman and CEO
Valeant Pharmaceuticals International
400 Somerset Corporate Blvd.
Bridgewater, New Jersey 08807
FEI: 3009443653
Dear Mr. Papa:
During an inspection of your firm located in Rochester, NY, on August 23, 2016 through September 1, 2016, an investigator from the United States Food and Drug Administration (FDA) determined that your firm is a specification developer and distributor of the Small Particle Size Aerosol Generator, (SPAG-2), a nebulizer pneumatic flow system for the administration... More
