Valeant and Chief Executive Officer Michael Pearson have been criticized for steep price increases on some drugs and for close ties to Philidor, a specialty pharmacy that used aggressive methods to overcome insurer barriers to reimbursements. (NASDAQ:WBA) to sell clients medication at lower prices.
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Valeant is scheduled to hold an investor day on Wednesday as Pearson attempts to restore the company’s luster amid the scrutiny of lawmakers and short-sellers. Most importantly, Valeant is expecting three more drugs to be approved next year – news that has potential to drive the stock higher if the drugs have sustainable and lucrative estimated revenue streams.
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Valeant has been accused of using Philidor to create a network of “phantom pharmacies” to steer pharmacy benefit managers toward Valeant’s more expensive drugs, rather than cheaper alternatives.
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Valeant said its revenue for the quarterly would be between $2.7 billion and $2.8 billion, which is lower than guidance earlier of between $3.25 billion and $3.45 billon.
Pearson has until January 8, 2016 to respond to the committee, according to Cummings’ letter. The company also issued earnings guidance for 2016. The 20-year agreement will see Valeant give Walgreens a 10% discount off its branded prescription dermatological and ophthalmological products, as well as its over-the-counter portfolio.
A separate Walgreens agreement includes price cuts on more than 30 Valeant brands that have generic competition.
Valeant said it would cut pricing on its branded prescription-based skin- and eye-care products by 10%.
Investors will be listening for more details on the deal with Walgreens, the largest USA drug store chain, and Valeant’s other plans on Wednesday, when it hosts an investor webcast to update its financial forecast and discuss business operations and research.
The company had announced that it was laying out a new dermatology program for patients soon after the Philidor Rx debacle (which included accusations of shoddy accounting and business practices) and severing ties with the mail-order pharmacy.
Cummings wrote that Valeant appears to have violated US securities law by withholding from shareholders and regulatory agencies information about its relationship with Philidor until October 19.
Valeant Pharmaceuticals Intl (NYSE:VRX) traded up 6.4703% during midday trading on Tuesday, reaching $116.6808. Valeant is also counting on the drug discounts to win back its hurt reputation and boost the stock price. Clearly, the firm is attempting to show that it’s shifting its strategy significantly with the new distribution deal and planned price cuts.
Douglas Miehm of RBC Capital Markets said the agreement that transitions Valeant to independent third-party distributors should be viewed positively by investors.
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– With files from The Associated Press and The Canadian Press.
