Embattled drugmaker Valeant Pharmaceuticals (VRX) Wednesday lowered its financial guidance for the fourth quarter and full year and issued a more pessimistic outlook for 2016.
Under the 20-year deal, which was announced a day ahead of Valeant's investor day on Wednesday (more on that below), Valeant will also be axing prices on its branded dermatology and ophthalmology franchises by about 10% within the next year, as well as for other branded medications such as the diabetes med Glumetza (whose price Valeant bumped 8-fold after acquiring it).
Shares of Valeant, which is also facing multiple investigations over antitrust violations and drug pricing arrangements, were initially down during pre-market futures trading in NY, but rose up 0.8 percent at $110.50.
Valeant said it would end its relationship with Philidor on October 30, after reports about tactics Philidor allegedly used to gain more insurance reimbursements for Valeant medicines, including submitting claims using other pharmacies' identification numbers and altering codes on some doctors' prescriptions. Valeant has denied the shortseller accusations and a board committee is investigating the Philidor situation. They have since recovered, helped in part as its largest investor, Bill Ackman's Pershing Square Capital Management, increased its stake. "So that's what we're going to do", Pearson said Wednesday.
Also on the company's November call, one analyst estimated that Valeant could be forced to pay down $3 billion in debt next year. Toenail fungus medicine Jublia, which is one of Valeant's better-known products, is one drug that will be discounted. After the Philidor scandal, Valeant has been in the spotlight to take all the political risk but this move slightly shields it from that risk because of lower prices. We ended our relationship and now we have Walgreens.
Pearson said Walgreens was "courageous" for partnering with Valeant given the negative attention heaped on the company in the last few months. The rally in the stock was on the back of reports that Valeant Pharmaceuticals, had signed a new distribution deal with Walgreens which was seen as a huge positive by traders and investors on the street. He noted the government does not approve of these programs or allow them in healthcare plans like Medicare. Valeant cut ties with that company in October, amid allegations Philidor created a network of "phantom pharmacies" to steer pharmacy benefit managers toward Valeant's more-expensive drugs over cheaper alternatives, and that Valeant executives were involved in running Philidor. The stock had soared past $260 to a new all-time high price as recently as August, but Valeant shares have largely plummeted since then. It predicted no major deals next year but said it hoped to do some small purchases.
On Tuesday, Valeant announced that it would be partnering with Walgreens to distribute its products, easing some of the fears around how Valeant would replace the sales it lost when it cut ties with Philidor. According to Valeant, those meds will be sold at prices equal to those charged by generics makers, which will cut their sticker costs by 5% to 95%, depending on the brand and the price of rival generics. Analysts have predicted earnings of $14.27 a share and $12.55 billion in sales. The specialty pharmaceutical company reported $2.74 earnings per share for the quarter, beating the consensus estimate of $2.68 by $0.06.
About 22 percent in the ISI Evercore poll expected cash earnings of $6.5 billion and 18 percent expected $6.75 billion.
Jaguars QB Blake Bortles' third-quarter touchdown pass added to his team record of 31 TD passes in a season. Crystal Griffith tells News4JAX, her son is a loyal Jaguars fan and watches the team play on television.
Agricultural exports are expected to total $25 billion (22.6 billion euros) this year, a third of Argentina's total exports. He said he would lift export taxes on Argentine wheat, corn, sorghum and beef and cut the tax on soya by 5%.
Its gain of 365,703 people also pushed it past 20 million, becoming the third state to reach that milestone. Seven states lost population over the same time period, including West Virginia, Illinois and Vermont.
Tony Chase, a board member that joined KaloBios in November when Shkreli acquired 70% of the company, has also left the company. Shkreli has been criticized earlier for his stance of raising the price of a key drug but this case is not related to it.
In recent days, Rubio has constantly highlighted Cruz's support for the bill, which Rubio claims undercut U.S. national security. It was a politically risky move for Rubio, given the resistance among GOP activists to loosening immigration rules.
Emergency and enforcement vehicles such as ambulances, fire brigade, police vehicles would also be out of its ambit. Four-five thousand additional buses and 10,000 new auto-rickshaws will be added as public transport.
De Aza could be the Mets' newest version of Young, who signed for eight million dollars and completely flopped. De Aza might be the absolute definition of a platoon player, and an excellent one for that matter.
It recently joined an opposition summit in Riyadh which produced a framework for peace talks with the government. Men and women were put in large metal cages on top of trucks that drove around Damascus suburbs.
He had suggested in a Fox News interview Thursday that Republicans should "use procedures to force the slowdown and changes". After his campaign stop in Muscatine in the morning, Rubio will stop in Knoxville in the afternoon.
They sang a duet of " God Only Knows ", and their voices didn't blend super well, but it was still an engaging performance. It's a country song that Jeffery turned into a powerful pop solo, and it launched him right back into the competition.
Tampa Bay Buccaneers vs St. Louis Rams
Louis is also allowing 115 yards rushing per game, which could spell trouble if Martin is allowed to get some early momentum. Reserve cornerback Eric Patterson is questionable; he hasn't practiced since suffering an ankle injury against Detroit.
Register your drone or pay a huge fine
Registration is a statutory requirement that applies to all aircraft. "People don't really understand them yet", Ellern said. That's the stance the Transportation Department is taking with unmanned aircrafts more commonly referred to as drones.