Andrew Left is back explaining his now LONG position in Valeant (VRX) and why he thinks MNKD is the worst stock ever. See the video clips from Andrew Left of Citron Research on CNBC this afternoon below.
Mallinckrodt makes Valeant look like choir boys: Citron
Tuesday, 15 Mar 2016 | 5:34 PM ET
Andrew Left, Citron Research executive editor, explains why he believes Mallinckrodt is worse than Valeant. Mark Trudeau, Mallinckrodt CEO, responds.
As CNBC notes
I think Mallinckrodt is worse because they are dependent on one drug, close to let’s say 50 percent of their EBITDA, depends on what metric you want to look at, is dependent on one particular drug. Not let’s say 30 that Valeant has,” said Left.
He said there is no reason Mallinckrodt is any different than Valeant, and that the company’s drug Acthar, which is used to treat seizures in babies, is the “poster child” of price gouging.
Skeptics have focused on Mallinckrodt’s acquisition of Questcor in August 2014, which makes Acthar, which is a drug whose pricing was raised from $40 to more than $28,000 a vial over a decade, according to The New York Times.
On twitter, Citron Research made a big offer putting his money where his mouth is and even including a picture of the check he is offering to write
— Citron Research (@CitronResearch) May 17, 2016