In its fourth-quarter investor presentation, Endo International (ENDP) guided for its fiscal 2019 adjusted operating expenses as a percentage of revenue being 24.5%–25.0%.
In its fourth-quarter investor presentation, Endo International (ENDP) guided for fiscal 2019 revenue of $2.76 billion–$2.96 billion, representing a low single-digit percentage YoY (year-over-year) decline.
Most analysts covering Endo International (ENDP) and Mallinckrodt (MNK) recommend “hold.” On March 5, Endo closed at $8.72, and Mallinckrodt closed at $22.39.
Bausch Health’s (BHC) wholly owned subsidiary Salix Pharmaceuticals generated revenues of $460.0 million in the third quarter compared to $452.0 million in the third quarter of 2017.
Mallinckrodt Pharmaceuticals, which produces specialty pharmaceutical products such as generic drugs and imaging agents, surged to a ten-day high on May 26.
Specialty Generics’ contribution to Mallinckrodt’s net sales fell by 18% to $1 billion in 2016. The business had a 31% share in total net sales in 2016.
On an annual basis, MNK’s net sales soared by 16% to $3.4 billion in 2016. Despite its better-than-estimated performance, shares fell by 9% on November 29.
Of its three businesses, Bausch & Lomb’s share in Valeant Pharmaceuticals’ (VRX) overall EBITA (earnings before interest, tax, and amortization) was 32%.
Mallinckrodt (MNK) has recently been making news due to its business model being questioned. A Citron Research report focused on the sustainability of Acthar’s higher level of exposure to government-oriented franchise.
The consensus 12-month target price for Valeant Pharmaceuticals is $36, which translates to a ~77.3% return potential compared to Valeant’s closing price of $20.3 on November 2, 2016.
To boost profitability and share prices, Valeant plans to focus on five strategic imperatives to help it pose stronger competition to ENDP, MNK, and GILD.
Based on the recommendations of eight brokerage firms, a Bloomberg survey reported that 100% of analysts gave Neurocrine Biosciences “buy” recommendations.
Valeant Pharmaceuticals International (VRX) significantly raised the prices of two of its heart drugs—Nitropress and Isuprel—which caused a controversy and an outrage.
Valeant’s (VRX) controversies started with Philidor, a specialty pharmacy company that was accused of altering doctor’s prescriptions so it could sell more of Valeant’s costly drugs.
Much of Valeant’s growth was coming from price increases rather than volume gains, and that wasn’t sustainable. The company’s steep price increases came under regulator scrutiny.
Wall Street analysts expected Mallinckrodt’s revenues for fiscal 2Q16 to be ~$871.5 million, but Mallinckrodt surprised them with sales of $918 million.
Jazz Pharmaceuticals’ Defitelio is the first and only approved treatment that increases survival in VOD patients with multi-organ dysfunction (or MOD).
Gattex is the first and only analog of glucagon-like peptide-2 (or GLP-2) indicated for short bowel syndrome. The drug is known as Gattex in the United States and Revestive in Europe.
In February 2015, Shire (SHPG) completed its acquisition of NPS Pharmaceuticals for $5.2 billion. Through the merger, Shire gained access to Gattex and Natpara.
Over the past 18 months, Horizon Pharma has acquired three orphan drugs. The acquisition of Hyperion Therapeutics in May 2015 gave it Ravicti and Buphenyl.
On March 24, Horizon Pharma was trading at a forward PS multiple of 2.18x. It appears to be trading at a premium next to Valeant, Mallinckrodt, and Endo.
Acthar is Mallinckrodt’s (MNK) leading product, and the company plans to achieve mid-single-digit to low-double-digit growth for the drug in fiscal 2016.
In 1Q16, Acthar earned $286.7 million for Mallinckrodt, reflecting a YoY jump of 7.6%. It accounted for 31% of the company’s total revenues in that quarter.
Vimizim contributed 26% to the top line of BioMarin Pharmaceutical in 2015. Meanwhile, the number of patients on Vimizim rose by 10% during 4Q15 over 3Q15.
The stocks at the top of the SPDR S&P 500 ETF on December 30, 2015, were Allegheny Technologies (ATI), Mallinckrodt (MNK), and Tesoro Corporation (TSO).
On November 23, Tyson Foods (TSN) closed at $48.09, which is well above its 100-day, 50-day, and 20-day moving averages of $44, $44, and $45, respectively
J.M. Smucker posted EPS of $1.62, beating the consensus estimate of $1.52. It also reported net sales of ~$2.1 billion, in line with the market expectation.
Anacor has a market cap of ~$4.63 billion, with a YTD return of 225.6% as on November 12. The company’s peers include Allergan and Mallinckrodt Public.
Stocks at the top of the SPY ETF on November 9 were Plum Creek Timber, Apache, and Norfolk Southern. They gained 17.3%, 13.2%, and 11.0%, respectively.
Stanley Fischer expressed his views on the US economy at the G30 Annual International Banking Seminar on October 11. This came three days after the dovish minutes of the FOMC September meeting.
On April 21, 2015, Teva (TEVA) launched a proposal to acquire Mylan for $82 a share in a 50% cash, 50% stock deal worth $43 billion. Mylan rejected the offer.
Teva’s increased profitability for its generic medicines was partially offset by decreased profitability of its specialty medicines, which were down by 13% in 1Q15 from 1Q14.
According to the US trade balance report, the US trade deficit widened to $51.37 billion in March against an expected $41.7 billion. March is the largest monthly widening since 1996.
Teva plans to reduce the cost per tablet unit from $15 to $10. It’s shifting manufacturing operations to low-cost areas to improve product profitability.
In the week to April 10, junk bonds, or high-yield debt issuers, returned to the primary market. It was the same week the FOMC released its March 2015 meeting minutes.
In the fourth quarter, Magnetar increased its exposure to Actavis. It bought 42,107 shares in the pharmaceutical firm. It represents 1.5% of the fund’s 4Q14 portfolio.
Actavis intends to invest ~$1.7 billion in R&D annually. It expects to add ~15 projects in near- and mid-term development to the company’s product pipeline.
ETFs are the investment funds—like index funds and mutual funds—that track an index, a commodity, or a basket of assets. ETFs are publicly traded on an exchange.
Elliott Management exited a position in Hornbeck Offshore Services (HOS). Elliott’s position in Hornbeck Offshore Services accounted for 0.58% of the fund’s 1Q14 portfolio. Elliott had initiated the position in 1Q14.
Elliott Management’s fund upped its stakes in Anadarko Petroleum (APC). Elliott Management’s position in Anadarko Petroleum is currently the third largest and accounts for 7.97% of the fund’s 2Q14 portfolio.
Elliott Management’s new positions in the second quarter of 2014 (or 2Q14) include the newly debuted Opus Bank (OPB), Iron Mountain (IRM), and Mallinckrodt plc (MNK). Elliott took a new position in Opus Bank during the last quarter. The position accounts for 2.12% of the fund’s 2Q14 portfolio.
Paulson & Co., founded in 1994 by John Paulson, is an investment management firm specializing in event-driven arbitrage strategies (including merger arbitrage, bankruptcy reorganizations, and distressed credit), structured credit, recapitalization, restructuring, and other corporate events. The firm operates as a partnership consisting of John Paulson and the other partners of the firm. Paulson & Co. […]
