It sells
(a). Generic drugs often with close substitutes,
(b). It has raised their prices sometimes to absurd levels ($1000 acne antibiotics with full generic substitutes is an example)
(c). It claims to raise volumes of these products.
I call this the improbable trio. It seems improbable that a company could do this. Not impossible, just improbable.
The trick it appears is reliance on non-traditional distribution models.
The size of non-traditional channels
Valeant's non-traditional channels are very large. During the dispute between Allergan and Valeant Allergan noted that the IMS sales data for Valeant products was crappy.
Valeant responded that IMS data was unreliable for Valeant. To quote:
U.S. IMS data will cover less than 30% of Valeant’s business and, for that portion of Valeant’s business IMS covers, the IMS data will not properly collect sales through a numbers of channels (e.g., specialty pharmacy, physician dispensed sales, corporate accounts, and alternative fulfillment).
The non-traditional distribution methods are hugely important in Valeant.
The Philidor allegation
The Philidor allegation is that Valeant [through undisclosed proxies] established or owned pharmacies (such as R&O in California) and used their pharmacy numbers to deceive insurance companies into believing that scripts for expensive drugs with generic substitutes were being presented at smaller suburban pharmacies rather than at a Valeant captive pharmacy.
Bloomberg has reported for instance that Philidor staff routinely wrote "dispense as written" on scripts to prevent generic substitution. [This is fraud.]
If however they put all those scripts through one Valeant associated pharmacy the insurance companies would wise up.
So they put the scripts through multiple pharmacies - deceiving the insurance companies into not checking for the fraud.
How many pharmacies?
One of the games we have been playing is spot-the-Valeant proxy pharmacy.
We know pharmacies outside the Philidor web: the proxy captive pharmacies extend beyond Philidor.
But the scale of Philidor problems is not widely understood and has not been disclosed to the market. I doubt Mr Ackman would have adopted his Martingale strategy had he fully understood.
So lets start.
All these pharmacies were registered in Delaware. Many are named after chess terms (as are many previously disclosed Philidor entities) but we are also noting a distinct Stephen King theme.
We know pharmacies outside the Philidor web: the proxy captive pharmacies extend beyond Philidor.
But the scale of Philidor problems is not widely understood and has not been disclosed to the market. I doubt Mr Ackman would have adopted his Martingale strategy had he fully understood.
So lets start.
All these pharmacies were registered in Delaware. Many are named after chess terms (as are many previously disclosed Philidor entities) but we are also noting a distinct Stephen King theme.
This should keep the fraud investigators for various insurance companies busy. I suspect this will also get added to the list of things Congress is investigating.
| Entity | State | Entity ID | Registered Agent | Notes |
| Fifty Moves, LLC | DE | 5640758 | Corporation Service Company | Chess term: Fifty Move Rule |
| ELO Pharmacy, LLC | DE | 5762328 | Corporation Trust Company | Chess term: ELO ranking system |
| C-K Pharmacies, LLC | DE | 5762330 | Corporation Trust Company | Chess term: The Caro-Kahn defence |
| Tarrasch Pharmacy Holdings, LLC | DE | 5762881 | Corporation Trust Company | Chess term: Tarrasch was a great player |
| NC3 Pharmacy, LLC | DE | 5770687 | Corporation Service Company | Chess term: The rarely used Dunst Opening |
| Lasker Pharmacies, LLC | DE | 5770702 | Corporation Service Company | Chess term: After the great player and theorist Emmanuel Lasker. |
| B&W Pharmacies, LLC | DE | 5770706 | Corporation Service Company | Black and White: the usual colours of chess pieces. |
| NC3 Pharmacy Holdings, LLC | DE | 5770708 | Corporation Service Company | Another Dunst Opening reference |
| Knight & Knight Pharmacies, LLC | DE | 5770718 | Corporation Service Company | Chess Knights I presume. |
| First Rank Pharmacies, LLC | DE | 5770741 | Corporation Service Company | Another entity is called "Back Rank: another chess term. |
| Forsta, LLC | DE | 5774549 | A Registered Agent, Inc. | Entity by same name sought wholesale pharmacy registration in AZ with Gary Tanner (Owner) and Jacob Power (Pharmacist-in-Charge), both ex-Philidor/VRX |
| Charmberlain Pharmacy, LLC | DE | 5775980 | Corporation Service Company | Named for a favourite Stephen King location... |
| Mears Pharmacy, LLC | DE | 5775991 | Corporation Service Company | Named for a repeated Stephen King character... |
| Marsten House Pharmacy, LLC | DE | 5775997 | Corporation Service Company | Named for a key location in Salem's Lot. Notably a symbol of evil. |
| Torrance Pharmacy, LLC | DE | 5776000 | Corporation Service Company | Named for key characters in The Shining. |
| Overlook Pharmacy, LLC | DE | 5776004 | Corporation Service Company | The Hotel in The Shining. |
| Topiary Pharmacy, LLC | DE | 5776008 | Corporation Service Company | Topiary animals in The Shining. |
| Hallorann Pharmacy, LLC | DE | 5776022 | Corporation Service Company | Named for the chef at the Overlook Hotel in The Shining. |
| Decker Pharmacy, LLC | DE | 5776025 | Corporation Service Company | Possibly named for another Stephen King character... |
| Twinner's Pharmacy, LLC | DE | 5776026 | Corporation Service Company | Named for Stephen King's repeated doppleganger meme. |
| Parkus Pharmacy, LLC | DE | 5776027 | Corporation Service Company | A Stephen King character in The Talisman. |
| Halleck's Pharmacy, LLC | DE | 5776029 | Corporation Service Company | Named for another major Stephen King Character. |
| Flagg Pharmacy, LLC | DE | 5776032 | Corporation Service Company | Randall Flagg is a major Stephen King Character |
| Derry Pharmacy, LLC | DE | 5776033 | Derry is a repeated location in Stephen King novels. | |
| Pennywise Pharmacy, LLC | DE | 5776037 | Corporation Service Company | Pennywise the Clown is a recurring Stephen King character. |
| Plymouth Pharmacy, LLC | DE | 5776038 | Corporation Service Company | The iconic Stephen King car in The Shining and others was a Plymouth. |
| Hanscom Pharmacy, LLC | DE | 5776039 | Corporation Service Company | From Ben Hanscom, a Stephen King character |
| Trips Pharmacy, LLC | DE | 5776042 | Corporation Service Company | From Captain Trips, a virus that exterminates most the human population in The Stand, a Stephen King novel. |
| Delain Pharmacy, LLC | DE | 5776044 | Corporation Service Company | From Delain, a mythical Stephen King domain. |
| Creed Pharmacy, LLC | DE | 5776045 | Corporation Service Company | From Louis Creed, the main character in a Stephen King novel. |
| Odetta Pharmacy, LLC | DE | 5776046 | Corporation Service Company | From Odetta Holmes, a recurring Stephen King character |
| Hemingford Pharmacy, LLC | DE | 5776047 | Corporation Service Company | From Hemingford Home, a Stephen King location. |
| Ludlow Pharmacy, LLC | DE | 5776048 | Corporation Service Company | From Ludlow Maine, a Stephen King location. |
| Crandall Pharmacy, LLC | DE | 5776050 | Corporation Service Company | From Jud Crandall, a Stephen King character. |
| Sheldon Pharmacy, LLC | DE | 5776053 | Corporation Service Company | From Paul Sheldon, a major Stephen King character. |
| Freemantle Pharmacy, LLC | DE | 5776054 | Corporation Service Company | From Abagail Freemantle, a major Stephen King character. |
| Revlowe Pharmacy, LLC | DE | 5776055 | Corporation Service Company | Presumably from the Reverend Lowe in the Cycle of the Werewolf. |
| French Landing Pharmacy, LLC | DE | 5776058 | Corporation Service Company | The location in Black House, a Stephen King novel. |
| Wilkes Pharmacy, LLC | DE | 5776059 | Corporation Service Company | From Annie Wilkes, a Stephen King character. |
| Henreid Pharmacy, LLC | DE | 5776060 | Corporation Service Company | Possibly from Lloyd Henreid, a minor Stephen King character. |
| Beaumont Pharmacy, LLC | DE | 5776062 | Corporation Service Company | From Thaddeus Beaumont, another Stephen King character. |
| Sawyer's Pharmacy, LLC | DE | 5776064 | Corporation Service Company | From Jack Sawyer, another Stephen King character. |
| DH Stark Pharmacy, LLC | DE | 5776065 | Corporation Service Company | Possibly short for Dark Half from the novel of the same title. George Stark is the major character. |
| Shardik Pharmacy, LLC | DE | 5776066 | Corporation Service Company | Shardik is one of the twelve guardians of the Beams that hold up the Dark Tower (again a Stephen King reference). |
| TCM Pharmacy, LLC | DE | 5776067 | Corporation Service Company | We are fairly sure this is associated - but have not worked out the link. |
| Burlingame Pharmacy, LLC | DE | 5776070 | Corporation Service Company | Jessie Burlingame is a major Stephen King character. |
| Lauder & Cross Pharmacy, LLC | DE | 5776071 | Corporation Service Company | Try these names... |
| Claiborne Pharmacy, LLC | DE | 5776072 | Corporation Service Company | Dolores Claiborne is a Stephen King novel. |
| Edgecombe Pharmacy, LLC | DE | 5776073 | Corporation Service Company | From Paul Edgecombe, who used to run Death Row in a Stephen King novel. |
| Georgia Pines Pharmacy, LLC | DE | 5776074 | Corporation Service Company | Georgia Pines is a retirement home in Stephen King novels. |
| Garraty Pharmacy, LLC | DE | 5776075 | Corporation Service Company | From Ray Garraty, another Stephen King character. |
| Cold Mountain Pharmacy, LLC | DE | 5776076 | Corporation Service Company | The Cold Mountain Penitentiary is where Paul Edgecomb ran death row. |
| Coffey's Pharmacy, LLC | DE | 5776078 | Corporation Service Company | John Coffey is another Stephen King character. |
| Stillson Pharmacy, LLC | DE | 5776079 | Corporation Service Company | Steve Stillson is the President of the United States in a Stephen King novel. |
| Rainbird Pharmacy LLC | DE | 5776080 | Corporation Service Company | John Rainbird is a Vietnam Veteran in a Stephen King novel. |
| Longmont Pharmacy, LLC | DE | 5776083 | Corporation Service Company | Longmont VA is a location in the Stephen King novel, The Shop. |
| Dawes Pharmacy, LLC | DE | 5776086 | Corporation Service Company | Barton George Dawes is another Stephen King character. |
| Castle Rock Pharmacy, LLC | DE | 5776088 | Corporation Service Company | Castle Rock Maine is a location of paranormal activity. I guess like a Valeant pharmacy. |
| The Shop Pharmacy, LLC | DE | 5776089 | Corporation Service Company | The Shop is a secret Government Agency in Stephen King novels. I guess this is a secret Valeant agency. |
| Cambers Pharmacy, LLC | DE | 5776096 | Corporation Service Company | Joe Cambers, a Stephen King character runs an auto-repair shop in Castle Rock. Probably another paranormal shop. |
| McGee's Pharmacy, LLC | DE | 5776099 | Corporation Service Company | Charlie McGee, a Stephen King character, has pyrokinetic powers - perhaps they include ripping off insurance companies. |
| Juco Pharmacy, LLC | DE | 5776103 | Corporation Service Company | A nickname for Joe Cambers rabid family dog. |
| Roland's Pharmacy LLC | DE | 5776108 | Corporation Service Company | Roland Deschain, a major Stephen King character. |
| Tower Pharmacy, LLC | DE | 5776110 | Corporation Service Company | Possibly a reference to The Dark Tower, a Stephen King novel. |
| Hawkmarten Pharmacy, LLC | DE | 5776111 | Corporation Service Company | We think this is one of the many aliases of Joe Flagg. Suggestions accepted. |
| Carrietta Pharmacy, LLC | DE | 5776115 | Corporation Service Company | The full first name of Carrie, of the infamous Stephen King novel. |
| PBG RX Pharmacy, LLC | DE | 5794828 | Corporation Service Company | We have not found the reference here. The registration details make us think it is related. |
| Decker Pharmacies, LLC | DE | 5794834 | Corporation Service Company | Another reference to Decker. |
| French Landing Pharmacies, LLC | DE | 5794836 | Corporation Service Company | Another reference to French Landing. |
| NC3 Pharmacies, LLC | DE | 5794839 | Corporation Service Company | See the above chess reference. |
| C-K Pharmacy, LLC | DE | 5794840 | Corporation Service Company | See the above chess reference. |
| ELO Pharmacies, LLC | DE | 5794842 | Corporation Service Company | See the above chess reference. |
| Roland's Pharmacies, LLC | DE | 5794844 | Corporation Service Company | See the above reference to Roland Deschain. |
| Hemingford Pharmacies, LLC | DE | 5794849 | Corporation Service Company | See the above reference to Hemingford Home |
| Flagg Pharmacies, LLC | DE | 5794852 | Corporation Service Company | Joe Flagg again. |
| Overlook Pharmacies, LLC | DE | 5794854 | Corporation Service Company | The hotel in the Shining again. Do we see a recurring theme. |
| Fischer Pharmacy Holdings LLC | DE | 5805160 | Corporation Service Company | Surely a reference to Bobby Fisher, world Chess Champion |
We are just playing with one State here.
There are pharmacies in other states. And they are all we think related to Valeant.
But here is the gem. The registration of false pharmacies continued AFTER Philidor was exposed and after Valeant said that they would stop doing business with Philidor.
And the people on registration documents are also often on the pay roll of Valeant (not Philidor).
I hope the longs can explain that inconvenient fact away - because it is not obvious how you do that.
John
very bad at chess but the Stephen King trail is just mesmerizing ! Kudos to the lawyer in charge
ReplyDeleteYawn. Nothing solid here to prove your allegations. VRX goes green today.
ReplyDeleteWhat is the evidence that these are linked to Valeant? or that they are "false" pharmacies?
ReplyDeleteThis is very expected out of Valeant. I guess its too difficult to come up with so many names and keep track of them so they need the themes. Basically you have a problem in business when you need to sell products at prices that nobody in their right mind would pay for. Clearly they are desperate to come up with a new way to get insurance companies to overpay for their products so they can reduce the debt. The entire strategy of paying up to buy products so you can raise prices and aggressively push them in the market is failing and now all they can do is come up with a new confusing way to get reimbursements thru the channel.
ReplyDeleteI love how the shorts never look at the full product lineup. Look at their top 20 or 30 drugs and come back and tell us which ones are vulnerable. You actually haven't done any real work on the products.
ReplyDelete... and I wondered why weekly sales of Jublia and Solodyn shot up after Philidor closed
ReplyDeletehttp://cafepharma.com/boards/threads/vvv-is-valeant-planning-philidor-2-gary-tanner-exposed.588475/
ReplyDelete11/22/15 - "Why was Gary Tanner "Forsta LLC" and Jake Power "Pharmicist In Charge - PhilidorRx in Arizona" appearing in a Arizona Board of Pharmacy Meeting on 11/18/2015 just last week?
*Are they that stupid to show up?
*Meet Forsta Pharmacy and Wholesaler - FORSTA LLC
Was formerly called LUDLOW PHARMACY LLC..."
This is a great find! Kudos! I noticed however that all of the registrations seem to have been filed in the June-July timeframe, i.e. before the Philidor allegations came to light. Did you find any registrations that were more recent?
ReplyDeleteNothing better than seeing Ackman getting a dicking. Funny the corporate doublespeak Pershing and Valeant put out defending VRX... efficent, shareholder friendly with a strong R&D engine blah, blah... translation: we love their cutthroat potentially illegal business model.
ReplyDeleteCan someone explain to me how one connects stephen king theme w/ VRX/ Philidor? If excluding the stephen king ones, which ones were formed / registered after VRX decided to shut Philidor down?
ReplyDelete"Bloomberg has reported for instance that Philidor staff routinely wrote "dispense as written" on scripts to prevent generic substitution. [This is fraud.]"
ReplyDeletePhilidor claims that they ok'ed it with the prescribing doctor before adding "dispense as written". This is mentioned in the Bloomberg article you referenced but I'm glad to see you don't let little inconvenient facts like this get in your way.
In any case its deeply outrageous the lengths Valeant will go to try to make the insurance companies pay for the drugs that the doctors prescribe.
The doctors who prescribe these drugs are Valeant captives too, right?
Nice list John.
ReplyDeleteAlso incorporated the 19th of June, we have
5770722 En Passant LLC - obscure pawn capture move
5770724 White Square Holdings LLC - obvious
5770728 Forced Move LLC - obvious
5770731 Interpose Ventures LLC - sacrificing a piece between attack line and defense line
5770732 Kotov RX Holdings LLC - a great player
5770735 O-O Enterprises LLC - notation for castling kingside
5770738 64 Squares LLC - 64 squares on a chessboard
I timestamped these on twitter y/day for fun plus the ones between #5-10 on your list (chess) and a few others.
In addition, other names you could look at are:
5629751 Alekhine LLC (world champion chess player 1927-35, 1937-death)
5605202 Stonewall Holdco LLC (Stonewall is a chess opening attack)
5734410 Zugzwang LLC - created same day as Back Rank LLC (Orbit Pharmacy holdco) - means endgame forcing moves
5762882 Move Manufacturing Company LLC (one number after Tarrasch, possible chess connotation?)
There are a couple called Key Square GP LLC (10/1/2015, 5839531) and Key Square Group LP (10/1/2015, 5839534) - (Key Square is a square where occupation by attacking king will result in win no matter whose move)
All of the above are through Corporation Services Company which seems to be the preferred agent for BQ6/Philidor-created entities.
There are a couple of others, set up through Harvard Business Services (so may not be related).
5549723 Prophylaxis LLC (in chess means 'guarding beforehand', or prevention) set up 6/11/2014. The term prophylaxis chess was introduced by Aaron Nimzovich in his book My system in the 1920s.
Then there were 100 LLCs set up named Nimzo 1 LCC through Nimzo 100 LLC on 2/4/2015. The Nimzo-Indian Defense was developed by Aaron Nimzovich (a.k.a. Aron Nimzowitsch). From chess wiki, the Nimzo Indian Defense openings are characterized by 1. d4 Nf6, 2. c4 e6, 3. Nc3 Bb4 [note the NC3] but unlike other Indian defenses is NOT followed immediately by a fianchetto move [Fianchetto was another BQ6 creation in 2010].
Kudos on the Stephen King names and linking them to those pharmas in the Fifty Moves LLC grouping!
The Rabbit Hole goes on and on doesn't it!
@anonymous 12:52 AM: Point here is to "facilitate" the data analyst task at a lazy insurance company to spot this smelly game of whack a mole speciality pharmacy blacklisting.
ReplyDeleteThe real question though is how terrible must insurance companies be in the first place when they don't have the data science folks in place to find the sketchy players gaming the system.
Your assertion that these dispensers are all related may very well be true, but your attribution of the actions to Valeant needs something more substantive to close the loop. It may have been a methodology used by the middle tier related pharmas to increase sales and profitability.... in other words.... You found the crime, but attributed it to the wrong perp!! That's the tendency when trying to "get someone"... Looking at all facts through a filter of presumed guilt...
ReplyDeleteIt only costs $5000 to register 50 LLCs in Delaware. Meanwhile this stock is moving in multiple millions of dollars in each direction.
ReplyDeleteJohn,
ReplyDeleteRemind me to never be in bad books with you. Excellent investigative piece.
-Mohan
These were created under the assumption that Philidor business via VRX would materially expand in the coming months/years. Philidor would be the back-office processing unit while these new entities would presumably be the licensed distributors with the NPI codes, which obviously won't happen now. Yes, these entities were created to help recoup insurance payment. But so long as it was these entities dispensing the actual drugs, there's no illegality in using them to recoup payment!
ReplyDeleteThere appear to be some instances where Philidor used other NPI codes to recoup payment while dispensing drugs via Philidor - which would be improper - but the vast majority of scripts were reimbursed via proper channels. John, you have a good sense of pointing out contradictions, but the statistical sampling is weak.
You are so focused on what's wrong with VRX that you haven't stopped to think about what it's worth. That's your downfall.
ReplyDeleteI think it is most likely that Valeant is trying to surprise the market and have an I told you so moment. You should keep in mind that one analyst at least suggested that they should not have been so ready to close Philidor. This is a way to come over top of everyone. I disagree with you that Ackman was probably unaware of this information. He was probably counting on it when he settled on his options strategy. He is still in the frame of mind of trying to outsmart the market in my view. He probably thought about the timing of the surprise of good earnings even after the philidor closing and designed his strategy based on that.
ReplyDeleteTCM - The Cold Mountain?
ReplyDeleteJohn are you honestly still short Valeant or has your blog morphed into a fundraising platform in an attempt at demonstrating "deep, organic research?"
ReplyDeleteThanks John you made me some money today!
ReplyDelete2 Valeant Dermatology Drugs Lead Steep Price Increases, Study Finds
ReplyDeleteTwo drugs sold by Valeant Pharmaceuticals International to treat cancer-related skin conditions increased in price by about 1,700 percent over the last six years, according to a newly published survey that found big increases in the cost of dermatology drugs across the board.
Over all, retail prices of 19 brand-name dermatology drugs from various manufacturers, for acne, infections and other conditions, increased in price an average of about 400 percent from 2009 to this year. Even some generic drugs almost quadrupled in price, according to the study, which was published Wednesday by the journal JAMA Dermatology.
“We’re not talking about new drugs,” said Dr. Steven P. Rosenberg, a dermatologist in West Palm Beach, Fla., who led the research. “We’re not talking about exotic drugs. We’re not talking about drugs that are listed as being in shortage.”
The price increases, he said, “have been off the charts. None of this makes any sense other than that they can get away with it.”
http://www.nytimes.com/2015/11/26/business/2-valeant-dermatology-drugs-lead-steep-price-increases-study-finds.html?
This would be absolutely amazing if true. Good find. I look forward to seeing this substantiated by other investigative journalists.
ReplyDeleteThough you would think they would choose random names...
This is very interesting work product. Why is it that everytime either Bronte or others who have unearthed concrete data that undermines the Valeant bull case, Bloomberg's Stephanie Ruhle attacks the messenger rather than offering up an analysis of the data? Proof positive that Ruhle is an Ackmam puppet.
ReplyDeleteWhere's the proof that VRX actually registered these?
ReplyDeleteThis is a very interesting find and good work. If all or many of these on the list are linked to Valeant (VRX) then that will raise more questions. However, with regard to the material relation to the percentage of revenue from specialty pharmacies, it is probably less that 3% (x-Philidor) as per slide 8 (http://s1.q4cdn.com/484041954/files/doc_presentations/2015/10-26-15-Investor-presentation-Final4.pdf). I wouldn't Short VRX today based on this list and specialty pharmacy revenue/earnings. But if this company can be this shady in this area then I wonder what skeletons they have still unexposed? Going to be interesting to follow this one.
ReplyDelete-anonbc
Evercore ISI analyst Umer Raffat addressed today's Bronte Capital blog post on Valeant Pharma (NYSE: VRX).
ReplyDeleteFirst, Raffatt said the recent uptick in IMS scripts after Philidor was shut suggests there is no reliance on non-traditional distribution.
Second, the analyst said he went through and aggregated the registration dates of all pharmacies mentioned in today's blog post. Unlike what the blog said, all pharmacies listed in the post were registered prior to Aug 18th, he notes.
Third, unlike R&O, in thier initial search, they haven't found any pending litigation on any of these pharmacies.
http://bit.ly/1HnzTMy
Valeant didn't affirmatively state it wasn't currently using any of the names listed in the Bronte blog. It was a non denial denial.
DeleteWOW. You've done a bang-up job on VRX.
ReplyDeleteValeant's response:
ReplyDeleteShort sellers have been making false, unsubstantiated claims about Valeant for months in an attempt to drive down our stock price, and today’s allegations also contain significant inaccuracies. Valeant has already disclosed that 7.2% of our sales this year through the third quarter went through specialty pharmaceutical channels, and that has not changed. As we have said, in October we decided it was appropriate to sever our relationship with Philidor after allegations about their business practices came to light. The entities mentioned today appear to have been formed on or prior to 8/18/2015, based on public records. Furthermore, our board of directors has appointed an ad hoc committee to review allegations related to Valeant’s business relationship with Philidor and related matters.
What I find interesting in the response is Valeant claims "significant inaccuracies" and then fails to point out a single inaccuracy. The company's PR is being managed like a political campaign for a systemically dishonest politician.
I think John's point on Philidor 'efforts' after Valeant turned them off are related to the Gary Tanner hearing in Arizona. That happened in November.
ReplyDeleteThe question is whether that was a Philidor thing or he was moonlighting or setting up an exit trade. The LLC he used for it was set up months earlier, and the application to the AZBOP was months before - still clearly in the "Valeant Hearts Philidor" phase.
However, if he was a Valeant employee working for Philidor, he could simply have said "we're not going ahead with this" and cancelled his appearance. If it is Gary Tanner working on for Philidor (i.e. he can't go back to Valeant), then this means Philidor is raging against the dying of the light.
Or it means that Gary Tanner is working on his exit trade.
But given that the Physician in Charge in front of the AZ Board of Pharmacy in that video was the PIC at Philidor RX Services' pharmacy in Arizona, that suggests this is Philidor starting something new, or Valeant starting something new with its vehicles.
TCM = Trashcan Man
ReplyDeletehttp://stephenking.wikia.com/wiki/Donald_Elbert
John:
ReplyDelete1-Post 10/30 pharmacy registration data would be compelling . Name selection genre has likely morphed if there is any continuing activity .
2-Do you have any thoughts as to whether Pershing's recently acquired call spreads are one leg of a tax strategy which enables Pershing to liquidate high basis shares on or after 12/24/15 ; with 95 & 100 call speads remaining ?
3-Do you have any thoughts as to why Pershing re-entered the VRX market on 11/20 as opposed when VRX languished between 70 & 75 ?
Using a random sample of about ten of the listed pharmacies, I could not find one that was licensed by the Delaware Board of Pharmacy. Wuzupwitdat?
ReplyDeleteInteresting if true (and there is no direct proven linkage to Valeant). However even if true this affects at most 2-3% of their total revenues. The author is hunting fleas with a microscope and ignoring the dog's bite. Typical short misinformation, albeit highly transparent and deceptive. VRX will be triple digits by year end because the business model remains intact.
ReplyDelete@John Watson,
ReplyDeletePerhaps your inability to see the inaccuracies is due to the fact that you are hoping not to see any, hence you do not look. From my post just three above,"Evercore ISI analyst Umer Raffat addressed today's Bronte Capital blog post on Valeant Pharma (NYSE: VRX).
First, Raffatt said the recent uptick in IMS scripts after Philidor was shut suggests there is no reliance on non-traditional distribution.
Second, the analyst said he went through and aggregated the registration dates of all pharmacies mentioned in today's blog post. Unlike what the blog said, all pharmacies listed in the post were registered prior to Aug 18th, he notes.
Third, unlike R&O, in thier initial search, they haven't found any pending litigation on any of these pharmacies.
http://bit.ly/1HnzTMy
https://www.facebook.com/tbitech/?fref=ts
ReplyDeleteHawkmarten might be a reference to...
ReplyDeletea) Harold Lauder, who became "the Hawk" when he lost weight in the Boulder Free Zone
and
b) started having nightmares about Randall Flagg, one of whose aliases was Marten Broadcloak
PBG baffles me. There was a character Peter Gordon in "It" but no clue if he had a middle initial.
Very interesting. Philidor himself was a chess player + composer.
ReplyDelete