Evercore ISI analyst Umer Raffat notes the uptick in Valeant Pharma (NYSE: VRX) IMS script data could be coming as products are being rolled over from Philidor (which is not tracked by IMS) to more traditional specialty pharmacies (which are tracked by IMS).

More importantly, Raffat explains, is the graph below begins to give us an early answer to a popular question: "can these products even sell if Philidor didn't exist?"