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CEO Joseph Papa bought 202,000 shares at $24.48/share at 6:48 this morning. The purchase came after key events last week:
- Thursday: Valeant mulled sale of Egyptian drug maker Amoun to accelerate debt reduction.
- Wednesday: S&P said stable rating outlook, financial performance will improve to levels that would suggest higher ratings in the future. Removed from CreditWatch.
- Tuesday: Reported Q1 Adj. EPS $1.27 vs $1.37 Est., Sales $2.4B vs $2.38B Est.
- Tuesday: Cut FY16 Sales Outlook from $11B-$11.2B to $9.9B-$10.1B vs $10.9B Est., Adj. EPS $8.50-$9.50 to $6.60-$7 vs $8.47 Est.
- Tuesday: Cut FY16 Adj. EBITDA from $5.6B-$5.8B to $4.8B-$4.95B
At the time of writing, Valeant traded at $25.14, up 4.14% in Monday's pre-market session.
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