Valeant Pharma (VRX) Files Presentation on Philidor; Says No Evidence of Illegal Activity To-Date
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Valeant Pharmaceuticals' (VRX) Buy Rating Affirmed at TD Securities
October 26, 2015 3:33 PM EDTTD Securities maintained a Buy rating on Valeant Pharmaceuticals (NYSE: VRX) with a price target of $260. Analyst Howard Schiller said Valeant's limited revenue exposure to Philidor is a "favorable consideration."
"Earlier today Valeant hosted a call in which the leadership reiterated their confidence in the propriety of the... More
Valeant Pharma (VRX) Halts the Bloodletting Following Conference Call
October 26, 2015 1:03 PM EDTDown 52% from the Sept 21 Hillary Clinton tweet, 42% from the initial Sept 28 Citron Research short report, and 22% from Citron's Oct 21 'smoking gun' report, the last month or so has been a low point in Valeant Pharmaceuticals' (NYSE: VRX) corporate history. Today bears and bulls are battling hard as the company attempted to address concerns raised by short sellers in a conference call earlier. The focus of the call was on the company's ownership and relationship with specialty pharmacies, with Philidor front and center. The company also appointed an Ad Hoc committee to review... More
Valeant (VRX) CC Seen as Step Forward at BMO Capital But More Needed to Rebuild Investor Confidence
October 26, 2015 10:35 AM EDTBMO Capital analyst Alex Arfaei offered some initial thoughts from Valeant Pharmaceuticals' (NYSE: VRX) conference call to address recent allegations against the company.
The analyst highlighted:
Whats new? Valeant disclosed that specialty pharmacies account for 7.2% of Valeant net revenue YTD, while Philidor accounts for 5.9% of Valeant net revenue YTD. The rationale for lack of disclosure: Philidor is not considered material to Valeants business for reporting purposes. More clarity on the Philidor relationship: Valeant explicitly stated that it does not own or control Philidor, nor does it believe that it has legal... MoreUPDATE: Valeant Pharma (VRX) Sees Dramatic Red-to-Green Reversal Then Collapses Again
October 26, 2015 9:40 AM EDT(Updated - October 26, 2015 9:43 AM EDT)
After trading down over 10% in pre-open action amid new issues discussed in the WSJ, Valeant Pharma (NYSE: VRX) has moved into positive territory following the company's conference call to address short seller accusations.
UPDATE:... More
Mizuho Provides Quick Thoughts on Valeant (VRX) Slides/Call
October 26, 2015 9:14 AM EDTMizuho Securities analyst Irina Koffler provided the following quick thought on Valeant Pharmaceuticals (NYSE: VRX) slides and call:
· The Valeant slide deck delves into details of its specialty pharmacy operations: The company went to great length to review operations of Philidor and mechanics of the business and these details are applicable to other companies with specialty pharmacy distribution, in our view. We believe that the clarity should benefit the sector overall, and most specifically, companies like Horizon (HZNP) which utilize less complex... MoreValeant Pharma (VRX) says ad hoc committee will review issues brought up in today's WSJ
October 26, 2015 8:43 AM EDTValeant Pharma (NYSE: VRX) says ad hoc committee will review issues brought up in today's WSJ.
... MoreValeant Pharma (VRX) Regains Some Early Losses as Conference Call Starts
October 26, 2015 8:09 AM EDTValeant Pharma (NYSE: VRX) shares have firmed in the early minutes of today's conference call. Shares are down 3% after trading down over 10% earlier.
... MoreWSJ Highlights More 'Smoke' at Valeant Pharma (VRX) Ahead of Conference Call
October 26, 2015 6:39 AM EDTValeant Pharma (NYSE: VRX) is under pressure again in pre-open trading Monday despite a new statement from the company that it "confirmed the appropriateness of the company's related revenue recognition and accounting treatment." The driving factor for today's downside is an Wall Street Journal article which... More
Valeant Pharma (VRX) Says Philidor Accounting is Appropriate
October 26, 2015 6:16 AM EDTValeant Pharma (NYSE: VRX) announced that its Audit and Risk Committee and the full Board of Directors have reviewed the company's accounting for its Philidor arrangement and have confirmed the appropriateness of the company's related revenue recognition and accounting treatment.
Based on its review conducted to date, Valeant also believes that the company is in compliance with applicable law. In light of the recent allegations made regarding Philidor, however, the Board of Directors has decided to establish an ad hoc committee of the board to review allegations related to the company's business relationship... More
Valeant Pharma (VRX) Adds ValueAct's Morfit as Director
October 26, 2015 6:13 AM EDTValeant Pharma (NYSE: VRX) announced the addition of G. Mason Morfit, President of ValueAct Capital, to its board of directors effective immediately. Morfit had originally served on the Valeant Board of Directors from May 2007 to May 2014.
"I am pleased to welcome... More
