Valeant Pharmaceuticals To Restate Earnings

Feb 29, 2016, 21:08
Valeant Pharmaceuticals To Restate Earnings

YHB Investment Advisors Inc.'s holdings in Valeant Pharmaceuticals Intl were worth $2,494,000 as of its most recent filing with the SEC.

The restatement announced this week will delay the filing of Valeant's audited financial report for 2015.

Valeant said it expects to lower reported 2014 earnings by about 10 cents per share and raise 2015 earnings by about 9 cents because about $58 million in sales to Philidor were improperly recognized.

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Valeant faced questions over its relationship with Philidor past year, including accusations of accounting fraud from short-seller Citron Research. And roundups of analyst notes show that 0 are rating the stock a buy while 0 rate VRX a strong buy. The board of the company has been monitoring the situation and is expected to restate the company's earnings soon.

Valeant said on October 30 that it had severed ties with the Pennsylvania-based online specialty pharmacy company after reviewing its practices. Schiller told a House committee that he froze all of Valeant's price increases when he took over in January, and he said his company will focus on more modest price increases in the future.

The amount involved is tiny compared with Valeant's total revenue and profit in 2014. Valeant also established an ad hoc committee to investigate its dealings with Philidor. Moreover, unfortunately, we believe that these types of issues will continue to undermine investor confidence at a time when it is still fragile.

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RBC Capital Markets analyst Douglas Miehm wrote that the risk posed by Philidor is mostly mitigated, except for potential penalties.

Valeant Pharmaceuticals International is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorder, eye health, neurology and branded generics.

Valeant denied the report, and characterized the allegations as part of an effort to drive down the company's stock price.

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In our view, the shifting of $58mn of revenue ($0.10 of GAPP EPS) from 2H14 to 1H15 ($0.09 of GAAP EPS) is relatively benign and somewhat understandable, given the changes to the accounting of revenues through the Philidor channel after Valeant Pharmaceuticals entered into the option to acquire Philidor in December 2014 and began to consolidate Philidor's financials; we highlight that Valeant stated, "no similar adjustments would be necessary for sales after that date".

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