Valeant Pharma (VRX) Sees Solid Bounce Off Morning Lows
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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
Biggest 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
Volatility and Volume movement
November 8, 2016 10:02 AM ESTIPath S&P 500 VIX Short-Term Futures (VXX) up 23c to 33.42
CBOE Volatility Index (VIX) up 71c to 19.42
Actives: VRX BAC CVS PCLN FB TWTR AAPL C TWX WBA BABA JPM GPS TSLA HL MOMO HTZ
... MoreFDA 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
Pre-Open Stock Movers 11/08: (PERI) (ACAD) (MOMO) Higher; (HTZ) (KND) (VRX) (CVS) Lower (more...)
November 8, 2016 9:27 AM ESTToday's Pre-Open Stock Movers
Hertz Global (NYSE: HTZ) 40.9% LOWER; reported Q3 EPS of $1.58, $1.17 worse than the analyst estimate of $2.75. Revenue for the quarter came in at $2.5 billion versus the consensus estimate of $2.6 billion. GUIDANCE: Hertz Global sees FY2016 EPS of $0.51-$0.88, versus the consensus of $2.94.
Kindred Healthcare (NYSE: KND) 33.1% LOWER; reported Q3 EPS of $0.05, $0.01 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $1.79 billion versus the consensus estimate of $1.77 billion. GUIDANCE: Kindred Healthcare sees FY2016... More
Valeant Pharma (VRX) says ex-CEO Pearson is still consulting in 'limited' capacity - Conf. call
November 8, 2016 8:57 AM ESTValeant Pharma (NYSE: VRX) says ex-CEO Mike Pearson is still consulting in 'limited' capacity, according to the company's conference call on Tuesday.
... MoreValeant Pharma (VRX) Sinks 27% in Pre-Open Trade, Falling Below $14
November 8, 2016 8:56 AM ESTValeant Pharma (NYSE: VRX) is free-fall pre-open. Shares are down 27% to $13.92.
... MoreValeant (VRX) Misses, Lowers, Delays - Wells Fargo's Maris
November 8, 2016 8:33 AM ESTWells Fargo analyst David Maris offered some comments on Valeant Pharmaceuticals (NYSE: VRX) following its Q3 miss and lower outlook.
Maris commented, "Valeant reported 3Q results that missed expectations. Revenue of $2.48 billion missed our estimate of $2.74 billion and consensus of $2.51 billion. Valeant's adjusted EPS of $1.55 missed our $1.95 estimate and consensus of $1.75. We had assumed Valeant would experience some tailwinds from pricing, higher rebates, and increased prior-authorizations; however, it appears... More
Valeant (VRX) Miss and Guide Down Expected, But Magnitude Maybe Not - Mizuho
November 8, 2016 8:25 AM ESTMizuho Securities analyst Irina Koffler weighed in on Valeant Pharmaceuticals (NYSE: VRX) after the 3Q:16 miss and lowered guide, which were widely expected but perhaps the magnitude was not.
Koffler commented, "Valeant reported $2.48B in revenues and non-GAAP EPS of $1.55 vs. $2.51B and $1.75 StreetAccount... More
Valeant (VRX) Q3 a Mixed Bag, Guidance Cut on Higher Side of Expectations - BMO
November 8, 2016 8:22 AM ESTBMO Capital analyst Gary Nachman weighed in on Valeant Pharmaceuticals (NYSE: VRX) following mixed Q3 results and 2016 guidance reset.
Nachman commented, "VRX reported 3Q revenue of $2,480mn vs. our/consensus of $2,463/2,511mn. Adj. EPS was $1.55 vs. our/consensus of $1.65/1.75. The quarter was mixed, with a lot of moving parts.... More
Valeant Pharma (VRX) EBITDA Was North of $1B, Which Was Better than Feared - Evecore ISI Raffat
November 8, 2016 7:53 AM ESTEvecore ISI analyst Umer Raffat weighed in on Valeant Pharma (NYSE: VRX) quarter. He notes that based on his investor conversations, buyside sentiment had MASSIVELY shifted when the stock moved from ~$30 to... More
Valeant Pharma (VRX) Misses Q3 EPS by 20c, Cuts FY16 Outlook
November 8, 2016 6:02 AM ESTValeant Pharma (NYSE: VRX) reported Q3 EPS of $1.55, $0.20 worse than the analyst estimate of $1.75. Revenue for the quarter came in at $2.48 billion versus the consensus estimate of $2.49 billion.
"This past quarter, we made further progress toward establishing the new Valeant," said Joseph C.... More