Список проголосовавших за комментарий " <table class="BriefingDataTable" border="0" cellspacing="0" cellpadding="0"><tr> <td class="tickerColumn"> </td> <td class="articleColumn">Valeant Pharma: Siliq appears dead in the water; Reiterate Underperform — Mizuho (16.86)Mizuho notes that VRX has rallied with the rest of the sector but <strong>firm remains cautious on the fundamentals of this highly levered business.</strong> Their key concern is that VRX's underlying portfolio and pipeline may not provide sufficient growth to offset the declines of older products as well as the impact of asset sales (vs. consensus expectations of a return to growth in 2018). Furthermore, the debt load limits mgmt's optionality to invest in future growth. The recent approval of a highly anticipated pipeline drug in psoriasis is unlikely to improve VRX's situation as discussed below. Further, firm commented on the FDA approval of VRX's Siliq (brodalumab) for psoriasis, a day ahead of its February 16 PDUFA date. <strong>While everyone expected the drug launch to be hampered by a REMS program, based on our read of label, firm believes that prescribing information may be even more restrictive than expected.</strong> Following launch, VRX will also share profits on Siliq sales with partner AstraZeneca (<strong>AZN</strong>). Firm currently models VRX's share of 2020 profits as $72M, which may be insufficient for one of the «stars» in VRX's pipeline; $11 tgt.</td> </tr></table>"