Valeant Pharmaceuticals Intl Inc (NYSE:VRX) announced that William D. Humphries has been appointed Executive Vice President, Dermatology, effective January 2, 2017. Mr. Humphries will join Valeant’s Executive Committee, reporting directly to Joseph C. Papa, Valeant’s Chairman and Chief Executive Officer.
Mr. Humphries has nearly 30 years of experience in the dermatology and specialty pharmaceuticals industry. He joins Valeant from Merz GmbH & Co. KGaA, where he most recently served as CEO of its North America business. Prior to Merz, he served as President of Stiefel, a leader in global dermatology and skin health that is now a subsidiary of GlaxoSmithKline, and held multiple senior roles at Allergan, Inc., including Vice President of the U.S. skincare business.
“We are pleased to welcome another experienced leader to our team,” said Mr. Papa. “Bill has an unparalleled understanding of the dermatology and aesthetics space and a proven track record of successfully developing and commercializing products in these therapeutic areas. We look forward to his contributions as we continue working toward a recovery of our core prescription dermatology business.”
Mr. Humphries commented, “Valeant’s dermatology business has an underappreciated innovative pipeline, an unrivaled and robust product portfolio and great brands with a significant amount of untapped potential. Valeant also has a tremendous commercial team and I look forward to working with them to reinvigorate the business and demonstrate value for physicians and patients.”
Valeant also announced today that Anne Whitaker, EVP & Company Group Chairman has decided to leave the Company on January 13, 2017. The Company thanks Anne for her many contributions overseeing our branded business and for her ongoing support to transition the dermatology business to Bill Humphries.
Rob Rosiello will also depart the Company on December 31, 2016. Rob previously served as the Valeant CFO from July 2015 through August 2016 and has successfully transitioned the role to our new CFO, Paul Herendeen. “Rob is a trusted colleague who led our team through a financial restatement, and spearheaded efforts to strengthen our finance team,” said Mr. Papa.
Dr. Ari Kellen, EVP & Company Group Chairman will also depart Valeant on December 31, 2016. The Company is grateful to Ari for his leadership across many of our businesses and his influence on our pipeline will undoubtedly continue to benefit the Company into the future.
Dr. Kellen and Mr. Rosiello will continue to serve as consultants on an ongoing basis. “I sincerely thank Anne, Rob, and Ari for their contributions to Valeant and appreciate their efforts to stabilize the Company during a period of transition,” said Joe Papa. “We wish them well in the future.” (Original Source)
Shares of Valeant Pharmaceuticals closed today at $14.68, down $0.78 or -5.05%. 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 $18.00 and its 200-day moving average is $23.29.
On the ratings front, VRX has been the subject of a number of recent research reports. In a report issued on December 8, Mizuho analyst Irina Rivkind Koffler reiterated a Sell rating on VRX, with a price target of $11, which represents a potential downside of 29% from where the stock is currently trading. Separately, on November 30, Wells Fargo’s David Maris reiterated a Sell rating on the stock and has a price target of $11.50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Irina Rivkind Koffler and David Maris have a yearly average return of 13.8% and 9.6% respectively. Koffler has a success rate of 45% and is ranked #168 out of 4273 analysts, while Maris has a success rate of 51% and is ranked #557.
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 represents a potential upside of 30% from where the stock is currently trading.
Valeant Pharmaceuticals International, Inc. is a pharmaceutical company which engages in developing, manufacturing, and marketing pharmaceutical products in the areas of dermatology, eye health, neurology, and generics. It operates through the Developed Markets and Emerging Markets. The Developed Markets segment offers over-the-counter and medical products as well as alliance and contract service revenues, in the areas of dermatology and podiatry, neurology, gastrointestinal disorders, eye health, oncology and urology, dentistry, aesthetics, and women’s health. The Emerging Markets consists of branded generic pharmaceutical and branded pharmaceuticals; over-the-counter and medical device products.