Deutsche Bank Trims Estimates For Three Healthcare Giants: Valeant Pharmaceuticals Intl Inc (VRX), Teva Pharmaceutical (TEVA) and Allergan plc (AGN)

In a research note issued Friday, Deutsche Bank analyst Gregg Gilbert trimmed his EPS estimates for healthcare giants Valeant Pharmaceuticals Intl Inc (NYSE:VRX), Teva Pharmaceutical (NYSE:TEVA), and Allergan plc (NYSE:AGN), based on IMS Health data and other developments.

  • Gilbert lowered his estimates for Valeant’s Solodyn, Isuprel, and Nitropress. These changes took his 2016 EPS estimate to $6.33 (from $6.39), 2017 EPS estimate to $7.45 (from $7.56). As such, the analyst reduced his price target on VRX to $29 (from $30), while reiterating a Hold Rating. The new price target represents a potential upside of 30% from where the stock is currently trading.
  • Gilbert lowered his sales estimates for Teva’s ProAir, Qvar, and the Treanda franchise, and tweaked up his estimates for Copaxone. These changes took his 2016 EPS estimate to $5.11 (from $5.13). His estimates beyond 2016 remain the same. The analyst rates TEVA a Buy with a $68 price target.
  • The analyst trimmed his revenue estimates for Allergan based on lower sales for the Namenda and Asacol franchises (based on IMS trends) and Avycaz (due to the ongoing supply disruption), partially offset by higher sales for Viberzi and Vraylar. These changes took his 2016 EPS estimate to $13.77 (from $13.83) and 2017 EPS estimate to $16.52 (from $16.63). Gilbert rates Allergan a Buy with a price target of $278.

As usual, we like to include the analyst’s trackrecord when reporting on new analyst notes. According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gregg Gilbert has a yearly average return of -0.7% and a 45% success rate. Gilbert is ranked #3082 out of 4182 analysts.


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