Valeant Pharmaceuticals Intl Inc (NYSE:VRX) announced that it has initiated a significant sales force expansion to focus on potential primary care physician (PCP) prescribers of Xifaxan for irritable bowel syndrome with diarrhea (IBS-D) and Relistor for opioid induced constipation (OIC.) With the launch of the expanded sales force effort over the coming weeks, the company expects to reach a significant majority of likely Xifaxan and Oral Relistor primary care prescribers. The costs of this program were considered in previously announced guidance for the full year 2016.
“Our goal in building a primary care sales force is to maximize opportunities for Xifaxan and Relistor to help our products reach full potential. Xifaxan and Relistor are integral to our gastrointestinal franchise which remains a core asset for future growth potential in the hands of Valeant,” said Joseph C. Papa, chairman and chief executive officer. “With approximately 70% of IBS-D patients initially presenting with symptoms to a primary care physician, our dedicated PCP sales force will be better able to reach the patients in need of IBS-D treatment and in doing so will further advance our mission to improve people’s lives with our healthcare products.” (Original Source)
Shares of Valeant closed today at $17.16, down $0.28 or -1.61%. VRX has a 1-year high of $119.87 and a 1-year low of $13.77. The stock’s 50-day moving average is $22.46 and its 200-day moving average is $25.23.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report released today, Deutsche Bank analyst Gregg Gilbert maintained a Hold rating on VRX, with a price target of $24, which represents a potential upside of 39% from where the stock is currently trading. Separately, on November 23, Mizuho’s Irina Rivkind Koffler downgraded the stock to Sell and has a price target of $11.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gregg Gilbert and Irina Rivkind Koffler have a yearly average loss of 5.8% and a return of 16.5% respectively. Gilbert has a success rate of 35% and is ranked #3961 out of 4239 analysts, while Koffler has a success rate of 49% and is ranked #83.
Sentiment on the Street is mostly neutral on VRX stock. Out of 11 analysts who cover the stock, 7 suggest a Hold rating , 2 suggest a Sell and 2 recommend to Buy the stock. The 12-month average price target assigned to the stock is $20.13, which implies an upside of 16% from current levels.
Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, eye health, neurology, and branded generics. The company operates through two operating and reportable segments: (i) Developed Markets and (ii) Emerging Markets. The Developed Markets segment consists of (i) sales in the U.S. of pharmaceutical products, OTC products, and medical device products, as well as alliance and contract service revenues, in the areas of eye health, dermatology and podiatry, aesthetics and dentistry, (ii) sales in the U.S. of pharmaceutical products indicated for the treatment of neurological and other diseases, as well as alliance revenue from the licensing of various products it developed or acquired, and (iii) pharmaceutical products, OTC products, and medical device products sold in Canada, Australia, New Zealand, Western Europe and Japan. The Emerging Markets segment consists of branded generic pharmaceutical products and pharmaceuticals, OTC products, and medical device products. Products are sold primarily in Central and Eastern Europe (primarily Poland and Russia), Asia, Latin America (Mexico, Brazil, and Argentina and exports out of Mexico to other Latin American markets), Africa and the Middle East.