Insurers Dropping Top Valeant (VRX) Drugs - Wells Fargo's Maris
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Wells Fargo analyst David Maris notes insurers are dropping Valeant Pharmaceuticals (NYSE: VRX) top products.
Beginning July 1, 2017, United Healthcare formulary will no longer cover Valeant's Solodyn (Valeant's #3 branded Rx) and will also now exclude Retin-A brand (Valeant's #4 branded Rx). He estimates these two drugs represent approximately $214 million of 2016 Valeant's sales. He also notes Valeant's Glumetza (Valeant's #8 branded Rx) and Relistor were removed in July from CVS/Caremark's formulary, and these two drugs had approximately $119 million in 2016 revenues.
The analyst maintained his Underperform rating.
Shares of Valeant Pharmaceuticals closed at $17.13 yesterday.
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