Valeant Pharmaceuticals Intl Inc (NYSE:VRX) wholly owned subsidiary, Bausch + Lomb, announced the launch of renu® Advanced Formula multi-purpose solution for soft and silicone hydrogel contact lenses. This unique formula combines three disinfectants and two moisture agents to provide excellent lens cleaning and disinfection, in addition to all-day comfort.
“At Valeant, we are keenly focused on continuing to drive innovation and enhance our existing portfolio using the most current scientific and clinical research to better meet the needs of our customers and their patients,” said Joseph C. Papa, Chairman and CEO of Valeant. “The Bausch + Lomb Consumer Healthcare business remains a critical driver for our global eye health business, offering a wide range of over-the-counter supplements, eye care, and lens care products.”
Bausch + Lomb was the first company to bring an ‘all-in-one’ multi-purpose disinfection solution to market with the launch of the renu brand in 1987. Today, the brand has grown to more than three million users. The new and improved renu Advanced Formula solution will replace renu sensitive and renu fresh solutions beginning in June in major retailers.
Bausch + Lomb’s Consumer Healthcare business is one of the fastest growing consumer healthcare businesses in the U.S.1 and the No. 1 category growth contributor (62%) in the eye care category.2 The product portfolio includes such well-known brands as Biotrue® multi-purpose solution the No. 1 multi-purpose solution brand in households with the highest loyalty metrics3, and PreserVision® AREDS 2 Formula Eye Vitamin and Mineral Supplement (120 ct.), the No. 1 selling SKU in the vitamin category and the largest contributor to vitamin category growth.4
In addition to its product portfolio, Bausch + Lomb’s Consumer Healthcare business has a rich R&D pipeline that relies on a research strategy to develop new formulations for new and existing products and line extensions, among others. This includes the company’s new redness reliever candidate, brimonidine tartrate ophthalmic solution, 0.025% (Luminesse™5), which is currently under review by the U.S. Food and Drug Administration.
Shares of Valeant closed last Friday at $13.52, up $0.05 or 0.37%. VRX has a 1-year high of $32.75 and a 1-year low of $8.31. The stock’s 50-day moving average is $10.54 and its 200-day moving average is $13.62.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report issued on May 19, Deutsche Bank analyst Gregg Gilbert maintained a Hold rating on VRX, with a price target of $18, which implies an upside of 33% from current levels. Separately, on the same day, Wells Fargo’s David Maris maintained a Sell rating on the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gregg Gilbert and David Maris have a yearly average loss of 3.2% and a return of 4.6% respectively. Gilbert has a success rate of 40% and is ranked #4070 out of 4554 analysts, while Maris has a success rate of 48% and is ranked #1489.
Sentiment on the street is mostly neutral on VRX stock. Out of 14 analysts who cover the stock, 9 suggest a Hold rating, 3 suggest a Sell and 2 recommend to Buy the stock. The 12-month average price target assigned to the stock is $15.25, which represents a potential upside of 13% from where the stock is currently trading.
Valeant Pharmaceuticals International, Inc. engages in the development, manufacture, and market of a broad range of pharmaceutical products in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. It operates through the following segments: The Bausch + Lomb/International, The Branded Rx, and The U.S. Diversified products. The Bausch + Lomb/International segment is consist of the sale of pharmaceutical products, over-the-counter products, and medical devices products.