That projection came one day after the company announced a new distribution deal with pharmacy chain giant Walgreens and agreed to slash its medication prices. Goldman Sachs cut Valeant Pharmaceuticals Intl from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $180.00 to $122.00 in a report on Monday, November 2nd.
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The two companies have entered a separate agreement, under which Valeant will distribute more than 30 branded products that have generics available at generic prices.
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Valeant on Wednesday lowered its per-share 2015 profit expectations to $10.23 to $10.33, from between $11.67 and $11.87 – well short of the $11.11 that Wall Street had projected.
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Stung by criticism that it jacked up the price of lifesaving medicines, Valeant Pharmaceuticals said Tuesday it will lower some prices through an agreement with Chicago-based Walgreens, the nation’s largest pharmacy retailer.
That negative attention was a factor in the deal, Valeant Chairman and CEO Michael Pearson told BNN. The Laval, Quebec-based company also plans to extend the distribution model to other independent pharmacies.
While we expect a degree of disruption to Valeant’s dermatology business, we believe that the fundamentals of Valeant’s overall business remain strong.
Shares gained 14.7% to $108.05 at 10:42 a.m.in NY.
Malhotra said patients and insurers should end up paying slightly less for the drugs covered by the deal, but Valeant will compensate with rebounding volumes and its savings from not having to give drug wholesalers fees of roughly 7 percent of drug prices.
TRENTON, N.J. (AP) The ranking Democrat on a powerful congressional committee investigating soaring drug prices is turning up the heat on beleaguered Valeant Pharmaceuticals, demanding it supply previously requested and additional documents on questionable business practices.
In September, the Democratic members of the Committee asked Chaffetz to issue a subpoena compelling Valeant to turn over documents related to its huge drug price increases.
The Canadian drugmaker said prices of the skin and eye products would be reduced by 10 percent. But claims about unscrupulous practices by Philidor put Valeant under pressure. That followed accusations Valeant used Philidor to create a network of “phantom pharmacies” to encourage payers to favor Valeant’s more expensive drugs, raising questions about whether top Valeant executives were involved.
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Valeant Pharmaceuticals International (NYSE:VRX) announced on Tuesday a drug pricing as well as distribution agreement with pharmacy chain Walgreens Boots Alliance as the company looks to lower its prices and to expand the access to its different drugs. Pearson says the pricing environment is changing and drug price increases will nearly certainly be curbed in the future. The stock shot up by more than 16.8% yesterday as a result, with many awaiting today’s investor conference with renewed hopes.
