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Valeant Comment on Bloomberg News Report Regarding Wellbutrin XL

January 8, 2016

  • Valeant disclosed on October 26 that specialty pharmacies accounted for 7.2% of Valeant’s net revenue YTD.  This number included Philidor, which Valeant said at the time accounted for 5.9% of Valeant net revenue YTD, as well as Direct Success.
  • Valeant has no economic, ownership interest or rights to acquire Direct Success or any other specialty pharmacy.
  • The Wellbutrin XL Guarantee Program was designed to improve patients’ access to the branded medication at an affordable price, and to help ensure doctors are able to prescribe the medication they believe is most appropriate for their patients.  Under the program, Valeant offers a $0 co-pay for patients who doctors prefer they use the branded product.  Valeant also offers a $0 co-pay option for patients who obtain Wellbutrin XL through the traditional retail channel.
  • Wellbutrin XL is available through numerous channels, including the commercial channel, Medicare, Medicaid and the Department of Defense.  Valeant has approximately 1.5% of the total Wellbutrin XL bupropion market, a share that has declined significantly over the past few years, with 98.5% going generic, and the Wellbutrin XL Guarantee Program is the only specialty pharmacy relationship we have for Wellbutrin XL.
  • Sales of Wellbutrin XL through Direct Success accounted for less than 5% of Wellbutrin XL sales (~approximately $16M) in 2015, and although we expect continued growth in this channel, we do not expect the sales through this channel to be material.
  • Direct Success has no incentive to maximize reimbursement for Wellbutrin XL.  Approximately 60% of the scripts that Direct Success fills are cash scripts, and the remainder are commercially covered. Direct Success gets a fee per prescription and has a discount on the product, regardless of whether they get any money from insurance.

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