QUICKNOTE:   The Discovery Phase of the Bezzle Has Begun?

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Equity Bottom-Up

Bausch Health Companies / Equity Bottom-Up

<ul><li class="p1">Valeant Pharmaceuticals' stock has been pressured by some&nbsp;reports suggesting fraud because of the company's&nbsp;relationships with specialty pharmacies that the company&nbsp;uses as part of an alternative fulfillment strategy to gain&nbsp;drug reimbursement while assisting patient copays.</li><li class="p1">We&nbsp;have little clarity on Valeant's relationships with these&nbsp;pharmacies, but the potential fallout for the firm seems&nbsp;relatively contained based on the information we have.</li><li class="p1">We&nbsp;note that alternative fulfillment programs have been and&nbsp;are used at other pharma companies with no legal&nbsp;consequences.</li></ul>Analyst: Michael WaterhousePlease login to access the full report...

Valeant Pharmaceuticals' stock has been pressured by some&nbsp;reports suggesting fraud because of the company's&nbsp;relationships with specialty pharmacies that the company&nbsp;uses as part of an alternative fulfillment strategy to gain&nbsp;drug reimbursement while assisting patient copays.We&nbsp;have little clarity on Valeant's relationships with these&nbsp;pharmacies, but the potential fallout for the firm seems&nbsp;relatively contained based on the information we have.We&nbsp;note that alternative fulfillment programs have been and&nbsp;are used at other pharma companies with no legal&nbsp;consequences.Analyst: Michael WaterhousePlease login to access the full report...

Valeant's Distributor Relationships Concerning, but Seem Lower Risk Than Market Suggests