LAVAL, Quebec, Oct. 14, 2016 /CNW/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) today
announced that the company's Patient Access and Pricing Committee
(the "Committee") has made decisions regarding price changes of
products in the company's neurology, GI and urology portfolios.
These planned wholesale acquisition price changes, effective
October 14th, range from
2.0% to 9.0%. The changes are aligned with the Committee's
commitment that the average annual price increase for Valeant's
prescription pharmaceutical products will be set at no greater than
single digits and below the 5-year weighted average of the
increases within the branded biopharmaceutical industry.
The company's 2016 pricing actions across its U.S. branded Rx
portfolio, represent an increase of less than 2.0% within the
calendar 2016 year. On a forward looking annualized basis,
2016 price actions are in line with 2016 Consumer Price Index of
2.3%.1
In 2016, net pricing of Valeant's Dermatology and Ophthalmology
products, after taking into account the impact of rebates and other
adjustments, will have decreased by greater than 10% on
average. There will be no pricing adjustments this year
on Dermatology and Ophthalmology products.
"We are committed to ensuring that past decisions with respect
to product pricing are not repeated and that the investments we
make in our R&D pipeline continue to result in innovative
products that improve people's lives," said Joseph C. Papa, chief executive officer. "In
reviewing product pricing, the Committee considers overall market
dynamics along with the impact of any price increase on patients,
doctors, and our health care industry partners. We believe the
actions announced today are consistent with our commitment to
ensure that patients continue to have access to the medicines they
need at an affordable price and demonstrate that we are taking our
approach to responsible pricing seriously."2
Formed in May 2016, the Committee
includes a multi-disciplinary team of Valeant employees, including
doctors, scientists, and other executives and is overseen by the
company's Board of Directors.
About Valeant
Valeant Pharmaceuticals International,
Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical
company that develops, manufactures and markets a broad range of
pharmaceutical products primarily in the areas of dermatology,
gastrointestinal disorders, eye health, neurology and branded
generics. More information about Valeant can be found at
www.valeant.com.
Forward-looking Statements
This press release may
contain forward-looking statements, including, but not limited to,
the expected closing of the credit facility amendment.
Forward-looking statements may generally be identified by the use
of the words "anticipates," "expects," "intends," "plans,"
"should," "could," "would," "may," "will," "believes," "estimates,"
"potential," "target," or "continue" and variations or similar
expressions. These statements are based upon the current
expectations and beliefs of management and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
These risks and uncertainties include, but are not limited to,
risks and uncertainties discussed in the Company's most recent
annual or quarterly report and detailed from time to time in
Valeant's other filings with the Securities and Exchange Commission
and the Canadian Securities Administrators, which factors are
incorporated herein by reference. Readers are cautioned not to
place undue reliance on any of these forward-looking
statements. These forward-looking statements speak only as of
the date hereof. Valeant undertakes no obligation to update any of
these forward-looking statements to reflect events or circumstances
after the date of this press release or to reflect actual outcomes,
unless required by law.
1 Source: Bureau of Labor Statistics, CPI for All
Items Less Food and Energy for last 12 months ending Aug. 2016
2 A recent pricing analysis indicated that YTD
through July 22, 2016, average annual
WAC for VRX products increased 1.2%, compared to an average of 6.2%
among a cohort of ten specialty pharma peers. The analysis included
branded products with at least $10mm of annual IMS sales.
Source: Drug Pricing Perspectives, v5.0, Deutsche Bank
Research Report, 7/27/16. Permission to cite this report was
neither sought nor obtained.
Contact Information:
Elif McDonald
elif.mcdonald@valeant.com
514-856-3855
877-281-6642 (toll free)
Media:
Renée Soto
or
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
212-687-8080
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SOURCE Valeant Pharmaceuticals International, Inc.