Embattled Valeant Pharmaceuticals is slashing its expectations for the current quarter and 2015 as a whole and issuing a guarded outlook for next year as well.
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Valeant shares rose 4 percent to $113.73 in NY trading, up from their low of $69.34 on November 18 but still far from an August high of $263.70.
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The company will slash prices by 10 percent for branded dermatology and ophthalmology products distributed by Walgreens retail pharmacies. Among the more egregious examples, Valeant bought the life-saving heart drugs Nitropress and Isuprel in February, then tripled the price of one and raised the other sixfold.
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Valeant’s announcement on Tuesday of the distribution deal with Walgreens Boots Alliance Inc boosted shares, but investors questioned how Walgreens could drive sales if pharmacy benefit managers still refuse to cover Valeant drugs.
The political pressure to roll back the price increases, and a heavy debt load from last year’s purchase of Salix Pharmaceuticals as well as its stock decline, has forced Valeant to reduce its reliance on serial acquisitions and price hikes.
The ranking Democrat on the House Oversight and Government Reform Committee is turning up the heat on beleaguered Valeant Pharmaceuticals, as the committee continues investigating soaring drug prices.
Valeant said it will offer the discounted drugs over the next six-nine months under the deal, which will take effect in the first quarter of 2016.
Valeant said its expecting that the agreements, when implemented fully, to save the healthcare system as much as $600 million annually and allow consumers to access its different products easily from over 8,999 locations of Walgreen across the US, as well as participating retailers that are independent. “So that’s what we’re going to do”, Pearson said Wednesday.
The deal with Walgreen’s helped to assuage concerns among investors who fear Valeant will not be able to find a new distribution partner to recover its nearly 7% of sales previously handled by Philidor.
Valeant said that for 2016 it is expecting its adjusted earnings to be between $13.25 and $13.75 per share with revenue between $12.5 billion and $12.7 billion. Goldman Sachs cut shares of Valeant Pharmaceuticals Intl from a buy rating to a neutral rating and reduced their price target for the company from $180.00 to $122.00 in a research report on Monday, November 2nd. More recently, he’s requested interviews with Valeant executives about the company not disclosing its relationship with specialty mail-order pharmacy Philidor.
A special Valeant board committee is examining specifics of the Philidor arrangement.
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The new guidance comes ahead of investor day for Valeant, which begins today.
