Insurers Dropping Top Valeant (VRX) Drugs - Wells Fargo's Maris

July 28, 2017 7:48 AM EDT
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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.

For an analyst ratings summary and ratings history on Valeant Pharmaceuticals click here. For more ratings news on Valeant Pharmaceuticals click here.

Shares of Valeant Pharmaceuticals closed at $17.13 yesterday.

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Wells Fargo, David Maris