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Channel stuffing by Valeant in Europe confirmed

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The original Citron post which caused Valeant stock to crash alleged that Valeant used a hitherto undisclosed relationship with Philidor to stuff the channel.

This was (correctly) denied by Valeant who noted that they could not use specialty pharmacies to stuff the channel as the sale by a specialty pharmacy was only recognised by Valeant when the end customer was identified (and the drugs effectively sold to the end consumer).

It turns out that specialty pharmacy (and its attendant issues of ripping off insurance companies) is common at Valeant. It extends well beyond Philidor (as I will demonstrate in a future post).

In other words it is unlikely the channel is stuffed at all in America. But insurance copayment issues are far more widespread than Valeant asserts.

Yet receivable levels at Valeant are fairly high which leaves open the possibility that the channel was stuffed in places other than America.

This is now confirmed.

The Slovenian business press have done a fabulous job tracking down the stuffed warehouses in Slovenia. It is the front story on the main Slovenian business website (link) and they have kindly reproduced the story in English (link).

With a few forthcoming speciality finance scandals and confirmed channel stuffing this is getting uglier by the minute.

John


Source: http://brontecapital.blogspot.com/2015/11/channel-stuffing-by-valeant-in-europe.html


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