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MONTREAL — Valeant Pharmaceuticals is taking aim at critics who have questioned the company’s ability to grow without acquisitions by boosting its guidance for the year after reporting their fourth consecutive quarter of greater than 15 per cent organic growth. via Pocket
big  pharma  canada  investing  m&a  mergers  pharma  valeant 
january 2017 by ginesthoi
Doctors have toxic reaction to Valeant pricing for a lead poisoning drug
RT : And here's the next one. Price of Rx for lead poisoning before takeover: $950. One year after: $26,927.
Valeant  from twitter
october 2016 by rossgrady
Doctors have toxic reaction to Valeant pricing for a lead poisoning drug
RT : And here's the next one. Price of Rx for lead poisoning before takeover: $950. One year after: $26,927.
Valeant  from twitter
october 2016 by jpschorr
Doctors have toxic reaction to Valeant pricing for a lead poisoning drug
RT : And here's the next one. Price of Rx for lead poisoning before takeover: $950. One year after: $26,927.
Valeant  from twitter_favs
october 2016 by zigg
Doctors have toxic reaction to Valeant pricing for a lead poisoning drug
RT : And here's the next one. Price of Rx for lead poisoning before takeover: $950. One year after: $26,927.
Valeant  from twitter
october 2016 by kennethlove
Quebec-based Valeant under scrutiny for doubling price of assisted suicide drug
MONTREAL — Valeant Pharmaceuticals, accused by U.S. politicians of price-gouging, is facing criticism from assisted-dying advocates across North America for doubling the price of a drug commonly used to hasten death soon after California legalized doctor-assisted suicide. via Pocket
valeant 
september 2016 by ginesthoi
The humbling of Valeant’s Michael Pearson - The Globe and Mail
TIM KILADZE
The humbling of Valeant’s Michael Pearson
SUBSCRIBERS ONLY
The Globe and Mail
Published Tuesday, Mar. 22, 2016

What we’re left with: A “Canadian” company we should happily disown, and critical reminders that certain business rules should never be broken. Chief among them: Debt is never a problem until, suddenly, it is; markets will love you until, suddenly, they don’t; and the roll-up game, driven by endless acquisitions, is nearly impossible to sustain.....By slashing R&D spending costs, Mr. Pearson freed up cash flow to buy more companies – whose R&D departments were then gutted to repeat the same trick. To juice earnings, he acquired Ottawa-based Biovail in 2010, which came with a Barbados-based subsidiary. Valeant started ushering U.S. profits to offshore tax domiciles – marking the first-ever pharmaceutical tax inversion and sending its corporate tax rate to the mid-single digits.

To fuel acquisitions, Mr. Pearson borrowed tens of billions of $ of incredibly cheap debt. By mid-2015, Valeant had $31-billion (U.S.) in debt and paid over $1-billion a year in interest.

There were warning signs these bold acts would backfire. Last March, Warren Buffett’s inner circle started to inflict damage. At an investor meeting, Charlie Munger, one of the value investor’s best friends, said he was “holding his nose” by looking at Valeant, adding that the company “wasn’t moral.”

That cautionary message did little to deter two of Valeant’s top investors: the Sequoia Fund – which has ties to Mr. Buffett – and Bill Ackman’s Pershing Square Capital Management. Whatever criticisms were hurled at the drug maker, they stood by it, repeatedly stressing that they believed in Mr. Pearson. Their faith in him seemed nearly biblical. And because they showed resolve, hedge funds kept piling in – momentum investing at its very worst. By the end of June, nearly 100 of them had stakes in the drug maker........One of the best lessons from the global financial crisis was that everything became correlated when the U.S. housing market crashed. The same is true for Valeant. Investigations into its pricing policy made investors worry about revenue; worries about the income statement morphed into fears about balance-sheet debt; leverage woes prevented Valeant from borrowing more to fund future acquisitions.

The cynicism turned investors’ momentum strategy on its head.
Valeant  Bay_Street  CEOs  pharmaceutical_industry  Charlie_Munger  Warren_Buffett  M&A  boards_&_directors_&_governance  correlations  hedge_funds  Pershing_Square  William_Ackman  debt  R&D  cash_flows  roll_ups 
march 2016 by jerryking

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