Valeant Announces Price Increases Of 2% To 9% For Neurology, Gastrointestinal Disorder And Urology Portfolios

Valeant Pharmaceuticals International Inc. said that it is increasing prices on its neurology, gastrointestinal disorder and urology portfolios by 2% to 9%, effective Friday. The company also said there will be "no pricing adjustments this year" on dermatology and eye health products, though it was unclear what aspect of pharmaceutical pricing that referred to, and the company did not make anyone available for comment after the news. The company reiterated that it has limited itself to a single digit annual average price increase for prescription drugs, or less than 10%, and below the five-year weighted branded biopharma industry increase. The limit is in line with Allergan's pronouncement earlier this year that branded therapeutics would be limited to once-a-year, single-digit increases. Valeant formed its Patient Access and Pricing Committee, which decided Friday's price increases and the price increase limit, in May after a series of scandals regarding pricing and accounting practices tarnished the company. Valeant shares were down 1.9% after the news. Shares declined 3.0% over the last three months, compared with a 1.1% decline in the S&P 500 .