Valeant Pharmaceuticals International Inc. (NYSE: VRX) shares made a spectacular crash over the course of 2015 to 2017, and it looks like they now may be on the path to recovery. The stock ultimately responded positively when Valeant announced that its subsidiary Bausch + Lomb has begun distributing Vyzulta (latanoprostene bunod ophthalmic solution) for patients across the United States.
Keep in mind that this was roughly a $250 stock as of mid-2015, and since then shares have dropped over 90% to the current price level. On the other hand, the stock has rallied about 36% in 2017 alone, and there is still much more ground to cover.
While Valeants stock was in the midst of that spiral, management worked to liquidate most unnecessary assets and parts of the business, leaving the most profitable as the bare bones for the business. A strategy like this would take some time to pull off, but already we seem to be seeing results.
For some quick background on Vyzulta: it is the first prostaglandin analog, with one of its metabolites being nitric oxide (NO), and it is indicated for the reduction of intraocular pressure in patients with open-angle glaucoma or ocular hypertension.
Most common ocular adverse reactions with incidence greater than 2% are conjunctival hyperemia (6%), eye irritation (4%), eye pain (3%) and instillation site pain (2%).
Joseph C. Papa, board chair and chief executive of Valeant, commented:
We’re excited that VYZULTA is now available as a treatment option for people suffering from glaucoma. We remain committed to developing new innovative eye health medicines that can help address current and emerging unmet medical needs, particularly as the global population continues to advance in age.
Shares of Valeant were last seen up roughly 8.5% at $21.39, with a 52-week range of $8.31 to $22.81.