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News Breaks
August 5, 2014
09:53 EDTVRX, AGNGlass Lewis recommends Allergan investors support calls for special meeting
Pershing Square Capital Management, the largest shareholder of Allergan (AGN), announced that on August 4, Glass Lewis & Co. recommended that Allergan shareholders support Pershing Square’s efforts to call a special meeting of shareholders and that shareholders take the steps necessary under Allergan’s bylaws to call a special meeting. Glass Lewis’s recommendations are relied upon by hundreds of major institutional investment firms, mutual and pension funds and other fiduciaries. At the Special Meeting, Allergan shareholders will have the opportunity to voice their support for a number of critical matters, including the removal of six incumbent members of the Allergan board, the appointment of an independent slate of directors, amendments to Allergan’s bylaws to eliminate onerous restrictions on the calling of a special meeting and certain other actions to improve corporate governance of Allergan. Pershing Square CEO Bill Ackman commented: “We’ve said all along that the Allergan board was more concerned with protecting itself than providing value to its shareholders. We’re pleased Glass Lewis agrees with us on that point and has endorsed the call for a special meeting of Allergan shareholders. We ask Allergan’s board to consider the criticisms reflected in the Glass Lewis report and address them by, among other things, quickly engaging with Valeant (VRX) on its strategically compelling offer to acquire Allergan.”
News For AGN;VRX From The Last 14 Days
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November 10, 2015
18:40 EDTVRX, AGNAllergan CEO says some peers 'deserve' pricing scrutiny, Bloomberg reports
In a Bloomberg TV interview Tuesday, Allergan (AGN) CEO Brent Saunders said certain drugmakers "deserve" recent scrutiny over drug price hikes. "There are a few companies that were very aggressive and perhaps took it too far, and deserve the attention they are getting. I think it's good. Transparency helps solve some of these issues," said the CEO. Asked whether he would be interested in acquiring embattled Valeant (VRX), Saunders said, "The things we look to buy are really first-in-class drugs, growth assets. There are a few of those in Valeant but there are also a lot of older medicines." Other companies that have received attention on the issue include Retrophin (RTRX), Pfizer's (PFE) Hospira, and Mallinckrodt (MNK). Reference Link
17:34 EDTAGNPfizer, Allergan considering Saunders as CEO of combined company, Bloomberg says
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12:36 EDTVRXValeant call a good first step in rebuilding confidence, says Canaccord
Canaccord analyst Neil Maruoka believes the "openness and transparency" of Valeant management on this morning's call was a good first step in rebuilding confidence, but also noted that the company would not affirm its previously issued EBITDA guidance of greater than $7.5B for next year on the call. The analyst, who thinks uncertainty around the impact of Philidor and U.S. drug pricing is still weighing on Valeant shares, has a Buy rating and $170 price target on the stock.
12:33 EDTVRXCitron's Left says Valeant short position 'significantly scaled down'
12:32 EDTVRXCitron's Left says Valeant 'admitting to issues' is 'step in right direction'
Andrew Left of Citron Research is speaking on CNBC.
12:25 EDTVRXCitron's Left says Mallinckrodt not like Valeant, 'a world to itself'
Andrew Left of Citron Research is speaking on CNBC.
12:25 EDTVRXOn The Fly: Top stock stories at midday
Stocks on Wall Street opened in negative territory and drifted throughout the morning, with the Dow and S&P recovering more quickly than the Nasdaq. The Nasdaq remains down by about 0.5% amid a slide in Apple (AAPL) following cautious analyst comments around weakness seen in its supply chain. ECONOMIC EVENTS: In the U.S., import prices fell 0.5% in October and export prices slipped 0.2%. Wholesale sales rose 0.5% in September, with inventories rising 0.5% in the month as well. In China, the consumer inflation rate fell to an annual 1.3% in October, which was down from 1.6% the month before and below the 1.5% consensus forecast. COMPANY NEWS: Shares of Apple declined nearly 3% after Credit Suisse analyst Kulbinder Garcha and the firm's Asia Technology Team said that iPhone supply chain orders have weakened recently. Garcha reduced his calendar year 2016 iPhone estimate to 222M from 242M units, but believes weakness in the stock creates an attractive entry point, given the scope of the iPhone installed base and its ability to drive future upgrades... Gap (GPS) tumbled about 4% after the apparel retailer reported that its same-store sales declined last month and gave lower than expected profit guidance for its just completed quarter... Shares of Valeant (VRX) were down about 5% near noon after the company held another call this morning with investors to update on the impact of recent negative press and the termination of its relationship with specialty pharmacy Phillidor on its business. Shares of Mallinckrodt (MNK), which was mentioned cautiously yesterday by the same short-seller that has previously targeted Valeant, are also down 5% near midday. MAJOR MOVERS: Among the noteworthy gainers was D.R. Horton (DHI), which rallied 7% after it reported quarterly earnings and provided an outlook for fiscal 2016. Also higher was Liongate (LGF), which gained 4.5% after reporting Q2 earnings and stating that Discovery (DISCA) and Liberty Global (LBTYA) each agreed to take 3.4% stakes in the company. Among the notable losers was Wayfair (W), which fell nearly 12% after it reported better than expected Q3 earnings but was also mentioned by investor Whitney Tilson as his largest short position. Also lower was Flotek (FTK), which dropped 33% after it said, in response to a cautious report yesterday, that an analysis of its FracMax database suggested that certain production data was misinterpreted by the company and understated the production of a small subset of wells. INDEXES: Near midday, the Dow was up 4.24, or 0.02%, to 17,734.72, the Nasdaq was down 22.14, or 0.43%, to 5,073.16, and the S&P 500 was up 0.34, or 0.02%, to 2,078.92.
09:22 EDTVRXValeant CEO says 'company is going to survive'
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09:21 EDTVRXValeant CEO says share buybacks largely off table in short-term
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09:18 EDTVRXValeant says instituted retention program for employees
Valeant says program rewards employees for staying next 12-18 months and has been "well received."
08:36 EDTVRXValeant CEO says 'feels very good' about organic growth prospects in 2016
Valeant said it will not be giving specific 2016 guidance until December's investor meeting.
08:33 EDTVRXValeant says continues to bring down Salix inventory levels
Valeant says operating at "normal" inventory levels around world.
08:28 EDTVRXValeant CEO says feels 'very good' about controls
08:23 EDTVRXValeant sees having new specialty program 'sometime this quarter'
Valeant says dermatology script growth in traditional channel still strong. In specialty, "we obviously had a disruption. I think a lot of scripts were filled last week but they were all filled for free. So in terms of short-term financials, that will obviously have an impact for the rest of the quarter," Valeant CEO Pearson stated. The company needs to put in place a new specialty program to complement the retail scripts and it is "working very hard" on that and hopes to have a solution "sometime this quarter," Pearson added.
08:18 EDTVRXValeant CEO says has been 'mistake' not to listen to 'world outside company'
Valeant CEO J. Michael Pearson said the "past few weeks have been a painful learning experience for me personally," saying that one of the consequences of the company's rapid growth is that he did not always take the time to listen to what the "world outside" the company was saying. "This is been a mistake on our part as a company and on my part as its leader...One of the things I'm dedicated to doing going forward is listening more to our patients our partners, and our critics. And when we think they are right we're going to respond to make the appropriate changes in how we do things," Pearson stated on the company's business update call.
08:14 EDTVRXValeant sees 'significant' disruption for dermatology business in short-term
Valeant said that in the "very short term," disruption in its dermatology business will be "significant." The negative impact on dermatology will be primarily felt in Q4, Valeant noted. By Q1, the company expects to be regaining momentum with its new access program and it believes, at the latest, the dermatology business will be performing as it has historically by the second half of next year. Comments made by Valeant CEO J. Michael Pearson on the company's business update conference call.
08:12 EDTVRXValeant says working to quantify impact of near-term issues on Q4 results
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08:10 EDTVRXValeant says negative press having 'modest' impact on Canadian business
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08:07 EDTVRXValeant says plans new access program within 90 days
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06:38 EDTVRXValeant issues rebuttals to claims made by Citron, others
Ahead of the company's conference call this morning, Valeant Pharmaceuticals (VRX) issued rebuttals to claims made by Citron Research and others. To Citron's claim that if the company had not taken price increases, it would have missed the Q1 Street consensus earnings estimate by 9.22%, Valeant stated, "Acquisitions at the time of guidance and price increases were included in our initial and subsequent guidance...the actual price increases achieved are much less than the gross increases taken." Valeant added that it did not make a stock offer to Salix, as Citron claimed. The stock closed yesterday up $3.59 to $85.36. Citron yesterday turned its focus towards Mallinckrodt (MNK), tweeting that the stock has more downside than Valeant at current levels. Reference Link
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