Stockwatch: Landscaping Earnings Announcements At Valeant And Endo
Endo, Valeant, Mylan and Perrigo all reported second-quarter results last week. Only maintenance of full-year guidance was needed for stock price outperformance but guidance cuts for all look like just a matter of time.
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A post-US election relief rally was magnified in life science stocks last week and swept away poor third-quarter earnings results at Valeant, Endo, AstraZeneca and Impax.
Negative third-quarter earnings announcements from Vertex and Illumina are not good portents for an end of year life science rally and the absence of helpful positive announcements from Valeant and Gilead does not bode well either.
Trying to get out from under the shadow of ongoing investigations into its pricing and questionable business practices, which have led to its shares diving 90% in the past year, Valeant Pharmaceuticals International Inc. laid out its strategy for becoming a "new" company. But one analyst questioned whether the changes being made were simply "new paint on the same old shed."