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Specialty-drug giant Valeant Pharmaceuticals International ( VRX ) was up sharply Monday after it set a new date to report its Q4 and full-year 2015 earnings. Valeant said it would report the results on March 15, just over two weeks after the originally scheduled date of Feb. 29. Late on Feb. 28, Valeant had delayed the report due to the return of CEO J. Michael Pearson , who had been on leave for two months being treated for severe pneumonia. While his return initially heartened the Street, the fact that Valeant also withdrew its 2016 guidance, along with the leaked revelation that Valeant was the subject of a previously undisclosed SEC investigation, pushed the stock down 18% on Feb. 29. And even with Monday’s rise it still hasn’t recovered much. Several investment banks downgraded or cut the target price on Valeant stock after the Feb. 28 announcement, and Deutsche Bank suspended coverage entirely. Valeant also said it will update its 2016 guidance on its earnings conference call on March 15, as well as report past results, though the numbers will still be preliminary. The company has sought an extension from the SEC on its official 10-K annual report as it awaits the outcome of an ad hoc committee’s review of its finances, launched late last year after a scandal broke surrounding Valeant’s relationship with now-defunct specialty pharmacy Philidor. The committee already said last month that $58 million in Philidor-related revenue was improperly recognized in 2014, and its review continues. Valeant stock had been trading near a three-year low since last week, but in afternoon trading in the stock market today , shares were up 8%, near 66. Scalper1 News
Scalper1 News