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News Breaks
June 16, 2014
07:01 EDTVRX, AGNAllergan reiterates belief that Valeant's business model 'unsustainable'
Allergan (AGN) reiterated the companyís concern regarding Valeant Pharmaceuticals International, Inc.ís (VRX) unsustainable business model, which relies on serial acquisitions and cost reductions, as opposed to top-line revenue growth and operational excellence. As announced on June 10, Allerganís Board of Directors, after consulting with its independent financial and legal advisors, unanimously determined that the re-revised unsolicited proposal dated May 30 by Pershing Square Capital Management, L.P. and Valeant substantially undervalues the company, creates significant risks and uncertainties for the stockholders of Allergan, and is not in the best interests of the company and its stockholders.
News For AGN;VRX From The Last 14 Days
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February 12, 2016
06:57 EDTAGNCiti's Abraham lists three reasons to own Allergan
Citi analyst Liav Abraham listed three reasons for why investors should own shares of Allergan (AGN). There is a high likelihood of Allergan's generics division sale to TEVA (TEVA) closing, incremental ant-iinversion Treasury action near term looks increasingly unlikely, implying a high probability of the close of the Pfizer/Allergan merger, and Allergan's fundamental organic growth remains strong, Abraham tells investors in a research note. He keeps a Buy rating on Allergan with a $360 price target.
February 11, 2016
07:42 EDTAGNTeva sees maintaining current trend in U.S. generic pricing in 2016
Teva (TEVA) says antitrust review ongoing for Actavis (AGN) generics deal. Says potential buyers for divested assets have been identified, integration plans in place. Says U.S. generic prices "continue slightly downward trend," but company does not see the inflationary pricing discussed in the media or the sharp drop in prices other competitors have seen recently. Sees 2016 to maintain current trend in U.S. generic prices. Comments from slides that will be presented on the Q4 earnings conference call.
07:05 EDTAGNTeva says working to close Actavis Generics acquisition by end of Q1
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February 9, 2016
10:50 EDTAGNBofA names Pfizer a top pick with limited downside, significant upside
Bank of America Merrill Lynch named Pfizer (PFE) as a top pick for 2016 and added the stock to its US 1 list, saying the pharmaceutical giant's stock is "defensive," yet also has the potential to rise significantly. BULLISH VIEW: There's a very good chance that Pfizer will "vastly" exceed earnings per share expectations going forward, due to the large share buybacks that the company can carry out, Bank of America analyst Colin Bristow believes. The pharmaceutical giant's $36B in cash and equivalents, along with its strong cash flow, can facilitate huge share repurchases, he contends. Moreover, Pfizer's acquisition of Allergan (AGN) increases the value of Pfizer's shares by $4 and should increase its EPS by about 17% in 2019, Bristow stated. After Pfizer's stock fell 25% in the wake of its Allergan deal, the shares have reached a "floor value," and can rise about 51%, assuming the Allergan deal closes, Bristow believes. If the Allergan deal falls through, Pfizer's stock will get "some downside protection" in the short-term, while the shares can still rise 37% over the longer term, the analyst stated. Additionally, Pfizer's 4% dividend yield, high quality earnings and high liquidity levels should be appealing to investors, given the market's current turbulence, according to Bristow, who kept a $39 price target and Buy rating on the shares. PRICE ACTION: In morning trading, Pfizer shares slipped fractionally to $28.52.
February 8, 2016
09:34 EDTAGNPfizer sees decision about potential separation by no later than end 2018
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09:32 EDTAGNPfizer names executive leadership team for combined organization
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07:37 EDTAGNSupernus prevails in Oxtellar XR ANDA litigation
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February 5, 2016
17:17 EDTVRXPershng Square raises stake in Valeant to 9% from 8.5%
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15:03 EDTAGNCourt rules in favor of Supernus on two patents in suit with Actavis
The U.S. District Court for the District of New Jersey entered judgment against Actavis, now known as Allergan (AGN), and in favor of Supernus (SUPN) as to the '898 and '131 patents disputed in a lawsuit between the two companies. The court found against Supernus and in favor of Actavis as to the '600 patent, according to a court filing. The Patents-in-Suit relate to Supernus' Oxtellar XR drug indicated for the treatment of seizures. Shares of Supernus are up 29% in afternoon trading following the court ruling.
09:43 EDTVRXValeant scripts accelerate following Walgreens Boots launch, says RBC Capital
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February 4, 2016
12:26 EDTVRXClinton campaign posts another story targeting Valeant
In a new post to Hillary Clinton's presidential campagin website, staffer Paola Luisi notes that Clinton has previously stated, "I will have the Justice Department and every tool at my disposal to go after these companies that are doing this to people who need the help," referring to drug companies including Valeant, which is named in the post. Reference Link
09:09 EDTVRXValeant volatility up into House Oversight & Government Reform Committee hearing
Valeant January weekly call option implied volatility is at 85, February is at 71, March is at 78; compared to its 52-week range of 26 to 116, suggesting large near term price movement into House Oversight & Government Reform Committee holding a hearing to discuss methods and reasoning behind recent drug price increases with Interim CEO Hoard Schiller.
08:48 EDTVRXHouse Oversight & Government Reform Committee to hold a hearing
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February 3, 2016
06:13 EDTAGNPfizer insists Allergan deal won't be thwarted by U.S. politicians, FT says
Pfizer (PFE) has insisted that its $160B acquisition of Allergan (AGN) will not be stifled by political opposition, amid criticism that the deal will cost the U.S. Treasury billions of dollars in future tax revenues, the Financial Times reports. Pfizer CEO Ian Read also reiterated his intention to postpone until 2018 a decision on whether to break of the combined entity into two or three smaller companies, but has said that he would be open to offers for its generics unit, the report says. Mylan (MYL) has been connected to a potential acquisition of Pfizer's generic drugs business after it failed in its attempt to buy Perrigo (PRGO) last year, the report says. Reference Link
February 2, 2016
12:32 EDTVRXEvercore highlights potential discrepancy in Valeant documents
Evercore ISI analyst Umer Raffat says the Valeant documents released ahead of Thursday's Congressional hearing on drug pricing contain a potential discrepancy between CEO Mike Pearson's comments on a conference call and an internal email sent by then CFO Howard Schiller. On the company's Q1 earnings call last year, Pearson told investors and analysts that volume was greater than price in terms of the company's growth in the quarter, Raffat points out to investors in an intraday research note. In contrast, then-CFO Howard Schiller sent an email to Pearson a few weeks after the earnings call stating that excluding the Marathon deal, price represented about 60% of Valeant's quarterly growth. On the surface, this means that either the CEO was inaccurate on the Q1 call, or the CFO's email was inaccurate, Raffat writes. It could also mean neither had done the math properly, the analyst adds. Either way, Raffat thinks Thursday's hearing isn't too critical for shares of Valeant. He has a Buy rating on the stock with a $200 price target. Valeant is down 5%, or $4.61, to $91.04 in midday trading.
11:30 EDTVRXValeant, in response to House committee, says tries to set appropriate prices
Valeant issued a statement after the House's Committee On Overweight and Government Reform released a letter relating to documents obtained from the company. The statement read, "Before Valeant purchased Nitropress and Isuprel, it commissioned outside consultants to review the drugs' pricing. Those consultants concluded that, given the significant reimbursements hospitals received under bundled rates for procedures, the prices of both drugs did not reflect their true value to hospitals and patients. We try to set our prices at the appropriate levels, but we also listen to the market. In this case, we've heard from hospitals, as well as from Congress, that we set the price for these two drugs too high, and we've responded by offering volume-based discounts of up to 30% for each of them. We are also making overall changes to how we run our business. Under our recent partnership with Walgreens we will be offering 10% price reductions on some of our most popular drugs and up to 95% reductions for a large number of our branded drugs for which there is a generic alternative. Going forward, we expect our growth to be driven more by volume than by price. When we set the price of any one drug, we do it in the overall context of our portfolio of approximately 1,800 products, including more than 200 prescription drugs in the United States, and the need to fund our robust companywide research and development programs, our expanding U.S. manufacturing base, and our patient assistance programs. In 2016, we expect to invest approximately $400 million on R&D, $484 million in expanding manufacturing in Rochester, NY, and $1 billion in our patient assistance programs that seek to ensure that out-of-pocket expenses do no prevent eligible patients from receiving medicines they need."
11:30 EDTVRXHouse committee members says Valeant inflated drug prices to meet goals
In a memo from the Committee on Oversight and Government Reform, Democratic members of the committee stated that documents obtained from Valeant show that the company identified goals for revenue first, then "set drug prices to reach those goals," pointing to its sharp price increases for Isuprel and Nitropress as examples of this practice. The committee also contend that Valeant employed a public relations strategy, which is noted to be used by other drug companies as well, to "distract public attention away from its price increases." Valeant raised the prices of some products multiple times from 2014 to 2015, in some cases by as much as 800%, the committee members stated. Reference Link
10:59 EDTAGNPfizer CEO confident Allergan deal can close in second half
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06:54 EDTAGNPfizer expects combination with Allergan to occur in 2H16
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February 1, 2016
13:25 EDTAGNEarnings Watch: Pfizer shares down approximately 12% since last earnings report
Pfizer (PFE) is scheduled to report fourth quarter earnings before the market open on Tuesday, February 2, with a conference call scheduled for 10:00 am ET. Pfizer, a biopharmaceutical company, discovers, develops, manufactures, and sells healthcare products worldwide. Its product portfolio includes medicines and vaccines, as well as various consumer healthcare products. EXPECTATIONS: Analysts are looking for earnings per share of 52c on revenue of $13.57B, according to First Call. The consensus range for EPS is 49c-54c on revenue of $13.08B-$13.99B. LAST QUARTER: After completing its Hospira acquisition in early September, Pfizer reported third quarter EPS of 60c, which beat consensus estimates of 51c, on revenue of $12.1B, which was also higher than consensus estimates of $11.56B. In Q3 Operational revenue growth in in developed markets was driven primarily by the performance of several key products, including Prevnar 13 in adults, Ibrance and Eliquis -- all products that are early in their life cycles as well as from Lyrica primarily in the U.S., and the inclusion of one month of legacy Hospira U.S. operations. In emerging markets, revenues increased 5% operationally, reflecting continued strong operational growth, primarily from the Innovative Products business. Operational revenue growth was partially offset primarily by the loss of exclusivity and associated generic competition for Celebrex in the U.S., Zyvox in the U.S. and Lyrica in certain developed Europe markets. With its Q3 earnings announcement the company raised its fiscal year 2015 earnings per share view to $2.16-$2.20 from $2.04-$2.10 against a raised revenue view of $47.5B-$48.5B from $46.5B-$47.5B. Commenting on the improved yearly view, the company CFO said "We raised our 2015 financial guidance for reported revenues and adjusted diluted EPS to reflect the strong performance to date of Pfizer-standalone, excluding legacy Hospira operations coupled with an improved business outlook for Pfizer-standalone for the remainder of the year.PFIZER-ALLERGAN DEAL. On November 23, Pfizer and Allergan (AGN) announced that their boards of directors have unanimously approved, and the companies have entered into, a definitive merger agreement under which Pfizer will combine with Allergan. Pfizer at the time said it anticipates the Allergan transaction will deliver more than $2B in operational synergies over the first three years after closing. Pfizer anticipates that the combined company will have a pro forma Adjusted Effective Tax Rate of approximately 17%-18% by the first full year after the closing of the transaction. The transaction is expected to be neutral to Pfizer's Adjusted Diluted EPS in 2017, modestly accretive beginning in calendar year 2018, more than 10% accretive in 2019 with high-teens percentage accretion in 2020. STREET RESEARCH: On December 1, Barclays analyst Geoff Meacham kept an Equal Weight rating on Pfizer after assuming coverage of the name. The analyst maintained a $34 price target for shares.On November 25, SunTrust upgraded Pfizer to Neutral and increased its price target to $37 from $34 on shares. Analyst John Boris said the Allergan deal makes strategic sense, providing much needed growth from earlier life cycle assets with limited therapeutic overlap. PRICE ACTION: Shares of Pfizer are lower by approximately 12% since its last earnings report on October 27. Pfizer shares are trading over 1% lower to $29.97 in afternoon trading ahead of Tuesday morning's earnings.
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