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January 7, 2014
08:18 EDTVRXValeant sees FY14 cash EPS $8.25-$8.75, consensus $8.75
Sees FY14 revenue $8.2B-$8.6B, consensus $8.29B. Sees FY14 adjusted cash flow from operations $2.4B-$2.6B. Guidance in slides for 2014 financial guidance conference call.
News For VRX From The Last 14 Days
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October 27, 2014
09:11 EDTVRXAllergan says Valeant offers 'grossly inadequate'
07:00 EDTVRXValeant delivers letter to Allergan board
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06:57 EDTVRXValeant sends letter to Allergan board, prepared to improve offer
Valeant (VRX) announced that it has delivered a letter to the board of Allergan (AGN). The text of the letter reads as follows: "Allergan would not be trading anywhere near where it is absent our offer, and our offer, even at Valeant's current stock price, represents a very substantial premium. Allergan's shares were trading at $110 at the beginning of the year, and $117 before we made our offer. The market and peer group are flat this year. Given this, it is unimaginable that Allergan would be trading anywhere near where it is now without our offer, even with the cost cuts you belatedly put in place in direct response to us. We believe our stock is trading at artificially low levels – our shareholders are telling us that our shares should be trading at more than $150 per share. Your own banker had Valeant on its "Conviction Buy List" with a target price of $164 before we made our offer and before we provided our 2015 outlook – and that didn't take account of the upside and synergies that would result from a merger. A trading price of $150 is only 15 times analyst consensus for 2015 Cash EPS. To be clear, Valeant is prepared to improve its offer and provide value to your shareholders of at least $200 a share. We are confident that an increase in our stock price, and in consideration, will provide that value. No other potential acquirer of Allergan has the operational and tax synergies that we have, and no other potential acquirer of Allergan can provide the value that we can."
October 24, 2014
11:18 EDTVRXEarnings Preview: Allergan price target raised by Citi ahaead of Q3 results
Allergan (AGN) is estimated to report third quarter earnings before the market open on Monday, October 27. Allergan operates as a multi-specialty healthcare company primarily in the United States, Europe, Latin America, and the Asia Pacific. The company discovers, develops, and commercializes pharmaceutical, biological, medical device, and over-the-counter products for the ophthalmic, neurological, medical aesthetics, medical dermatological, breast aesthetics, urological, and other specialty markets. EXPECTATIONS: Analysts are looking for earnings per share of $1.68 on revenue of $1.78B, according to First Call. The consensus range for EPS is $1.45-$1.78 on revenue of $1.69B-$1.85B. LAST QUARTER: Allergan reported second quarter EPS of $1.51 against estimates of $1.44 on revenue of $1.86B against estimates of $1.77B. GUIDANCE: Allergan raised its Q3 EPS view on October 9. The company said it sees a Q3 EPS range of $1.76-$1.78, up from its prior view of $1.44-$1.47. The company also gave full year 2014 EPS guidance of $6.20-$6.25, saying it expected FY14 product net sales to increase 14%-15% compared to product net sales in FY13. Allergan said momentum derived from many sources, including robust growth of worldwide markets in which the company operates, increases in market share in most categories, many regulatory approvals for new products in the U.S. and internationally, and targeted investments to create and grow new products and new categories. The company added that exceptional growth in EPS stems from the acceleration in sales, but also in leveraging of sales and marketing expenditures. The benefits from Allergan’s previously announced restructuring program will be reflected in the company’s actual results beginning in Q4 and continuing through 2015. With the release of the guidance, Allergan CEO David Pyott said, "Today’s announced expectations for the third quarter and updated future outlook further demonstrate that there is a vast value gap between Valeant’s offer and the intrinsic value of Allergan." HOSTILE TAKEOVER: Allergan is in the midst of a hostile takeover attempt at the hands of Valeant (VRX) and Bill Ackman's Pershing Square. On October 20, Valeant said it may raise its bid for Allergan, and will not abandon its pursuit before Allergan's special meeting of shareholders on December 18. At the special meeting, Ackman is looking to replace members of Allergan's board with his own nominees that would be ready to discuss a takeover. STREET RESEARCH: On October 20, Citigroup raised its price target for Allergan (AGN) shares to $210 citing the company's recently increased guidance. Citi believes the three guidance increases this year underscores Allergan's attractiveness as a takeover target. The firm maintained a Buy rating on Allergan shares. PRICE ACTION: Shares of Allergan are up almost 9% since its last earnings report and are higher by 1.6% in Friday's trading ahead of the expected earnings report.
10:15 EDTVRXHigh option volume stocks
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October 21, 2014
12:44 EDTVRXMeister says Valeant likely to ultimately raise Allergan bid
Keith Meister of Corvex Management is speaking on CNBC.
07:42 EDTVRXValeant Q3 results makes strong case for Allergan purchase, says Susquehanna
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06:33 EDTVRXValeant price target raised to $182 from $167 at Cantor
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October 20, 2014
12:23 EDTVRXAllergan holder Paulson encourages deal with Shire, Reuters says
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09:25 EDTVRXValeant says talks to Ackman 'frequently'
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09:08 EDTVRXValeant says not planning to walk away from Allergan deal before Dec. 18
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08:58 EDTVRXValeant says still willing to improve bid for Allergan
Valeant (VRX) said would raise Allergan (AGN) bid "when time is right." Says hopes Allergan shareholders see that Valeant's operating model does work and will continue to work. Says Valeant (VRX), Allergan have "unique" business overlap. Says company "should" own Allergan. Says interests with Pershing, Ackman "aligned" on Allergan.
08:37 EDTVRXValeant says 'completely focused' on Allergan acquisition
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07:34 EDTVRXValeant says remains focused on completing Allergan transaction
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07:32 EDTVRXValeant narrows FY14 revenue view to $8.1B-$8.3B from $8B-$8.3B
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07:30 EDTVRXValeant CEO says 'can bid more than anyone' in financially sound Allergan deal
Pearson says "we cannot stop" another company from making a bid that does not make economic sense, but he believes Valeant (VRX) can "bid more than anyone" for Allergan (AGN) in a deal that makes financial sense. Pearson says he has met with doctor groups and that 95% of those he's spoken with support Valeant's bid for Allergan. Valeant CEO J. Michael Pearson spoke on CNBC.
07:28 EDTVRXValeant raises FY14 cash EPS to $8.22-8.32 from $7.90-$8.10
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07:06 EDTVRXValeant raises FY15 outlook cash EPS $10.00 from $9.90
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07:05 EDTVRXValeant raises Q4 cash EPS $2.45-$2.55 from $2.35-$2.45
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07:03 EDTVRXValeant reports Q3 cash EPS $2.11, Q3 GAAP EPS 81c
Reports Q3 revenue revenue $2.1B; Reports Q3 total same store sales organic growth 19%. Bausch + Lomb organic growth was 12%. Q3 GAAP Operating Cash Flow $619 million, an increase of 207%; Adjusted Operating Cash Flow $771 million, an increase of 89%
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