• US Generic pharma plays – Teva, Endo & Valeant – an abject lesson in capitulation

    November 2, 2017 | Posted by

    By Richard Jennings Everybody dreams of buying a stock at the low and selling at the high. When looking at a historic chart this always seems so simple in hindsight. Reality is somewhat different. Indeed, many stock commentators will tell you that it is foolish to try and pick a bottom (“brown fingers and all […]

  • Valeant Pharmaceuticals – the rerating has only begun – target price $43

    July 16, 2017 | Posted by

    By Richard Jennings We last wrote about Valeant Pharmaceuticals HERE on March 7th 2017 in which we signed off with the comment – “We call it here “asymmetric skew” and at $11.56 given the points we have made re the debt profile and the likely attraction to industry players like Allergan (and a possible return […]

  • Valeant – the end game is upon us

    March 7, 2017 | Posted by

    By Richard Jennings CFA Now is the optimum time for an industry player to make a bid Possible return of Takeda Pharma of Japan Levers likely to be pulled on crown jewel Bausch & Lomb Forward debt profile looks manageable Stock now trades at book value – almost unprecedented for pharma plays Sentiment has the […]

  • Align Research Top 10 Conviction Picks for 2017

    December 28, 2016 | Posted by

    By Richard Jennings, CFA As another year turns (and we are all, sadly, that bit older!) and we close out our inaugural 12 months here at Align Research we lay out for our readers and subscribers our Top 10 Conviction picks for 2017. At the start of 2016 we were one of the very few […]

  • Wading into the Valeant Pharmaceuticals investment debate

    June 12, 2016 | Posted by

    By Richard Jennings, CFA There have been innumerable articles and countless words written about the implosion of Valeant Pharmaceuticals (VRX) in recent months with the story surrounding the so called “price gouging” (acquiring companies with drug portfolios and jacking up the price to patients by material amounts) and the issue over the company’s circa $30bn […]