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Stock Market & Financial Investment News

News Breaks
April 16, 2014
07:19 EDTVRXValeant top pick in specialty pharmaceutical space, says Cantor
Cantor identifies Valeant as its top pick in the specialty pharmaceutical space, as it believes that the company is relatively shielded from sector-specific risks. The firm also expects the company to benefit from improving consumer spending trends.
News For VRX From The Last 14 Days
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February 12, 2016
17:01 EDTVRXExpress Scripts says 'scrutinizing' every Valeant prescription, Bloomberg says
According to Bloomberg, the Express Scripts Chief Medical Officer said in an interview that Valeant prescriptions are getting "extra scrutiny."
February 5, 2016
17:17 EDTVRXPershng Square raises stake in Valeant to 9% from 8.5%
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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 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
January 29, 2016
10:13 EDTVRXExpress Scripts to exclude Valeant's Glumetza from formulary
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05:33 EDTVRXStocks with implied volatility movement; VRX MRK
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