October 15, 2019 / 6:27 PM / a month ago

BUZZ-Bausch Health: Rises after Citron calls co textbook turnaround

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** U.S.-listed shares of Canadian drugmaker rise 4.8% to near 3-week peak of $21.90 after Citron Research sets PT of $40

** The short-seller publishes positive report here on BHC; says CEO Joseph Papa has delivered on all of his promises from when he joined the company in 2016

** Citron says “the business has turned” at BHC, formerly called Valeant Pharmaceuticals International; company has posted six consecutive quarters of organic growth

** Citron in October 2015 alleged fraud at Valeant, accusing it of using specialty pharmacies to inflate revenue

** Shares of the company are down significantly from its Aug. 2015 record high of $263.70 as Valeant

** “I have a very sizable position in Bausch and I’m very comfortable with it,” Citron founder Andrew Left told Reuters

** Citron says BHC’s debt has become manageable and co is gaining momentum with recent, successful launches of drugs

** “The new Bausch Health is not Valeant” - Citron

** Average rating on stock from 18 brokerages is “buy” with a median PT of $30.00 - Refinitiv data

** BHC up 16.5% YTD

Reporting by Nishara Karuvalli Pathikkal

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