Valeant Pharma (VRX) Halts the Bloodletting Following Conference Call

BTIG Thinks Valeant (VRX) Should Just Severe Ties with Philidor; PT Cut to $175

October 26, 2015 2:53 PM EDT

BTIG is cutting its price target on Valeant Pharma (NYSE: VRX) from $210 down to $175, but maintaining a Buy rating following this morning's conference call.

Analyst Timothy Chiang commented, More details were provided this morning on Valeants call highlighting its relationship with Philidor,... More

Valeant (VRX) Answered Its Questions Well, But Other Questions Remain - Deutsche Bank

October 26, 2015 11:15 AM EDT

Deutsche Bank maintained a Hold rating on Valeant Pharmaceuticals (NYSE: VRX) with a price target of $204. Commented following the company's conference call earlier today discussing its relationship with specialty pharmacy partner Philidor. Analyst Gregg Gilbert said he was disappointed that the call was ended by management before Deutsche Bank and others were able to ask questions.

"While we believe management did a pretty good job discussing the items it decided to discuss (based at... More

Citron Research's Left to Discuss Valeant Pharma (VRX) on Bloomberg TV at Noon

October 26, 2015 10:47 AM EDT

Citron Research's Andrew Left is going to be on Bloomberg TV at 12:00pm EDT to discuss Valeant Pharma (NYSE: VRX).

Andrew Left of Citron Research will appear on Bloomberg TV at 12:00 EST to discuss Valeant $VRX

— Citron Research (@CitronResearch) October 26, 2015
... More

Valeant (VRX) CC Seen as Step Forward at BMO Capital But More Needed to Rebuild Investor Confidence

October 26, 2015 10:35 AM EDT

BMO 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... More

UPDATE: 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

Pre-Open Stock Movers 10/26: (PNY) (QUNR) (PBY) Higher; (AKS) (VRX) (AXP) Lower (more...)

October 26, 2015 9:31 AM EDT

Piedmont Natural Gas (NYSE: PNY) 35.2% HIGHER; Duke Energy (NYSE: DUK) and Piedmont Natural Gas (NYSE: PNY) announced the boards of directors of both companies have unanimously approved a definitive agreement for Duke Energy to acquire Piedmont for approximately $4.9 billion in cash.

Qunar (NASDAQ: QUNR) 26.5% HIGHER; announced the sale by Baidu, Inc. (Nasdaq: BIDU) (Baidu), the largest shareholder of the Company, of... More

Mizuho Provides Quick Thoughts on Valeant (VRX) Slides/Call

October 26, 2015 9:14 AM EDT

Mizuho 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... More

Valeant Pharma (VRX) CEO Pearson, Outside Director Ingram Issue Commentary on Philidor

October 26, 2015 9:11 AM EDT

J. Michael Pearson, Chairman and Chief Executive Officer of Valeant Pharmaceuticals International, Inc. (NYSE: VRX), made the following statements on today's investor call.

Statement of J. Michael Pearson:

"We wanted to hold this call today because the company I've heard described in the press the past few days is not one that I recognize. It's not one that our board of directors recognizes. And it's certainly not one that reflects the reality of our business and day-to-day operations. Some of that is our fault we have been slow to answer... More

Valeant Pharma (VRX) says ad hoc committee will review issues brought up in today's WSJ

October 26, 2015 8:43 AM EDT

Valeant Pharma (NYSE: VRX) says ad hoc committee will review issues brought up in today's WSJ.

... More

Drugmaker Valeant raises detailed defense but doubts remain

October 26, 2015 8:36 AM EDT

By Caroline Humer and Euan Rocha

(Reuters) - Drugmaker Valeant Pharmaceuticals International Inc (NYSE: VRX) (NYSE: VRX) laid out a detailed defense on Monday of its relationship with a little-known specialty pharmacy, but its arguments failed to calm all investor concerns.

Valeant shares have lost more than half their value in recent weeks as the company came under attack on several fronts.

U.S. prosecutors are investigating Valeant over drug pricing, an issue emerging in the U.S. presidential campaign. The falling stock price, in turn, complicates Valeant's... More

Valeant Pharma (VRX) Regains Some Early Losses as Conference Call Starts

October 26, 2015 8:09 AM EDT

Valeant 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.

... More

Dow, S&P 500 end down slightly as Apple, energy weigh

October 26, 2015 7:36 AM EDT

By Caroline Valetkevitch

(Reuters) - The Dow and the S&P 500 edged lower on Monday as energy shares dropped with oil prices and Apple retreated a day before its quarterly results.

Investors were cautious ahead of the Federal Reserve's two-day policy meeting, which begins on Tuesday. The market is looking for clues on the outlook for when the Fed may begin raising interest rates.

Apple (NASDAQ: AAPL) shares fell 3.2 percent to $115.28, making it the biggest drag on all three major indexes, while a weak outlook from one of its suppliers, Dialog... More

Valeant Pharma (VRX) Files Presentation on Philidor; Says No Evidence of Illegal Activity To-Date

October 26, 2015 7:28 AM EDT

Valeant Pharma (NYSE: VRX) filed a presentation related to its conference call on Philidor today. The presentation is embedded below and the following are some highlights from the document:

Says it has no right to remove CEO and management of... More

Valeant Pharma (VRX) Releases Slides Ahead of Investor Conference Call

October 26, 2015 7:28 AM EDT

Valeant Pharma (NYSE: VRX) released the slides for its upcoming 8AM conference to address concerns about its relationship an use of specialty pharmacies.

The slides don't appear to address today's new revelation from the... More

WSJ Highlights More 'Smoke' at Valeant Pharma (VRX) Ahead of Conference Call

October 26, 2015 6:39 AM EDT

Valeant 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 EDT

Valeant 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 EDT

Valeant 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