Caroline's Feed
Nov 5, 2015

Valeant tumbles 20 percent

NEW YORK/BOSTON (Reuters) – Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research)(VRX.N: Quote, Profile, Research) shares fell as much as 20 percent on Thursday, building on weeks of steep losses over concerns about its ties to specialty pharmacy Philidor Rx Services and its sharp drug price increases.

Valeant’s U.S.-traded shares hit their lowest since May 2013, falling as low as $73.37, before partly recovering. At midday, the stock was down 10.5 percent to $82.29.

Nov 5, 2015

Valeant shares tumble 20 percent, lowest since May 2013

NEW YORK/BOSTON (Reuters) – Valeant Pharmaceuticals International Inc (VRX.TO: Quote, Profile, Research, Stock Buzz)(VRX.N: Quote, Profile, Research, Stock Buzz) shares fell as much as 20 percent on Thursday, building on weeks of steep losses over concerns about its ties to specialty pharmacy Philidor Rx Services and its sharp drug price increases.

Valeant’s U.S.-traded shares hit their lowest since May 2013, falling as low as $73.37, before partly recovering. At midday, the stock was down 10.5 percent to $82.29.

Nov 4, 2015

U.S. Senate panel probing Valeant, Turing over drug costs

NEW YORK/WASHINGTON (Reuters) – A U.S. Senate panel on Wednesday launched a bipartisan probe into pharmaceutical pricing, seeking documents from four drugmakers including Valeant Pharmaceuticals and Turing Pharmaceuticals, companies embroiled in controversy over price hikes on lifesaving drugs.

The Senate’s Special Committee on Aging also requested information from Retrophin Inc and Rodelis Therapeutics, according to a statement from the panel’s Republican Chairwoman Susan Collins and Claire McCaskill, its top Democrat.

Nov 3, 2015

Valeant sends letter to doctors, seeks to reassure over pharmacy ties

NEW YORK (Reuters) – Valeant Pharmaceuticals International Inc sought to reassure doctors on Monday that the company’s decision to cut ties to a controversial specialty pharmacy would not disrupt doctors’ ability to prescribe the company’s drugs to patients.

In a letter to healthcare professionals seen by Reuters, Chief Executive Officer Michael Pearson said that Valeant would pay for the cost of its products through Nov. 8 and make sure patients could fill their prescriptions with no out-of-pocket expenses, wherever possible. Patients on government-run health plans such as Medicare are not eligible.

Nov 3, 2015

Exclusive – Valeant sends letter to doctors, seeks to reassure over pharmacy ties

NEW YORK (Reuters) – Valeant Pharmaceuticals International Inc (VRX.N: Quote, Profile, Research) sought to reassure doctors on Monday that the company’s decision to cut ties to a controversial speciality pharmacy would not disrupt doctors’ ability to prescribe the company’s drugs to patients.

In a letter to healthcare professionals seen by Reuters, Chief Executive Officer Michael Pearson said that Valeant would pay for the cost of its products through Nov. 8 and make sure patients could fill their prescriptions with no out-of-pocket expenses, wherever possible. Patients on government-run health plans such as Medicare are not eligible.

Oct 30, 2015

Valeant says Philidor shutting down as it cuts ties

By Caroline Humer and Svea Herbst-Bayliss

(Reuters) – Valeant Pharmaceuticals International (VRX.TO: Quote, Profile, Research, Stock Buzz) said on Friday that it is cutting ties with pharmacy Philidor Rx Services and that the pharmacy was shutting down.

The move was part of a defense to allay concerns about the downside of its dealings with that pharmacy the morning after big pharmacy chains said they would cut it from their networks.

Oct 29, 2015

CVS, Express Scripts drop Valeant’s Philidor; stock dives

Oct 29 (Reuters) – Shares of Valeant Pharmaceuticals Inc.
fell further on Thursday after CVS Health Corp and Express
Scripts dropped Philidor Rx from their networks in a sign the
fall-out from the drugmaker’s connection with the specialty
pharmacy is spreading.

Philidor Rx, the speciality pharmacy used by Valeant, is at
the center of accusations lodged by a short-seller last week
that Valeant inflated revenues – allegations that sent Valeant
shares into a tailspin.

Oct 28, 2015

Anthem shares falls as Obamacare business hampers profit

By Caroline Humer

(Reuters) – Health insurer Anthem Inc (ANTM.N: Quote, Profile, Research, Stock Buzz) said on Wednesday that its Obamacare insurance business is being hampered by lower-than-anticipated enrollment due to fewer applicants than expected and cheaper premium rates at competitors.

Anthem has been one of the biggest and most profitable insurers in the new individual market, which was overhauled in 2014 with new government subsidized plans sold on exchanges created under Obamacare. Now Anthem says that business will drag on profit growth in 2016 and could even affect its long-term 2018 financial target.

Oct 26, 2015

From pilot to profit-maker, Valeant’s pharmacy rose quickly

NEW YORK (Reuters) – The pharmacy at the center of suspicions over Valeant Pharmaceuticals International Inc’s (VRX.TO: Quote, Profile, Research, Stock Buzz) (VRX.N: Quote, Profile, Research, Stock Buzz) business practices began as a small pilot project two years ago and quickly grew to account for 7 percent of the drugmaker’s revenue.

Valeant disclosed on Monday details of its relationship with Pennsylvania-based Philidor Rx Services, defending the pharmacy against allegations of illegal activity while pledging to review the business carefully.

Oct 26, 2015

Valeant calls for SEC investigation into short-seller’s actions

By Caroline Humer and Euan Rocha

(Reuters) – Drugmaker Valeant Pharmaceuticals International Inc said on Monday it has asked U.S. securities regulators to investigate a short-seller’s “completely untrue” allegation that the company used its ties with a specialty pharmacy to inflate revenue, and said it would conduct a review of its pharmacy network.

Laval, Quebec-based Valeant fired back in a conference call with investors and analysts after the report by Citron Research, run by Andrew Left, hammered Valeant’s stock last week.