David Maris

Author | 6-time #1-Ranked Healthcare Analyst | subscribe here: and

[David Maris @davidmaris]

“You Must Get Hit by a Truck to Use It” https://t.co/ZnnzrA9YIK

[David Maris @davidmaris]

On the sellside, I had a Sell on the parent from $95 with an eventual $10 price target. Years later it is $5. Despite a giant bull market. Despite two ceos saying it is a massive turnaround. Despite multiple hedge fund experts taking big positions and/or board seats. So if what you mean by biased is correct, then I'll take it. Perhaps you are biased bc you own it? Either way we will see what happens.

[David Maris @davidmaris]

In the $BHC release, there are a few numbers I would note - 1Q cash was 1.31B, down a hair from the YE25 1.325...but call that even. And 1Q26 LT Debt and other was $20.764 billion vs. $20.817B YE25, so also call that even. BUT interest expense went from $330M in 4Q25, to $402M. Not a good trend. Oh and the $1.4 BILLION impairment charge? For a key pipeline program... Simple question: How much EBITDA is coming from Xifaxan and remind us when generics enter?

[David Maris @davidmaris]

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[David Maris @davidmaris]

I think you are wrong. First, BLCO has a market value of less than $6 billion. Second, not sure where you get BHC having net debt of only 14B. It is almost $20B. Third, Xifaxin won't go to zero, but its profitability will decline so much that BHC might not generate any FCF. Lastly, who would buy BLCO and why would they wait when they can buy it now? I doubt BHC will be able to pay its debts as they come due after the Xifaxin patent loss

[David Maris @davidmaris]

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[David Maris @davidmaris]

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[David Maris @davidmaris]

@cperruna Can you post the link to the positive Phase 3 results?

[David Maris @davidmaris]

$C $JPM $WFC $CNQ #oil $HIMS https://t.co/gy3D6fR0o2

[David Maris @davidmaris]

#LIVE #LIVEnow $HIMS and more.... https://t.co/gy3D6fR0o2

[David Maris @davidmaris]

#Live soon.... I will talk about what I see in the $HIMS conf call

[David Maris @davidmaris]

Hi, I will make sure this is resolved. I am sorry you are going through this. We (Ben, Robert, Jeff, and I) are not involved with the subscription/billing part of the business, but we will get to the bottom of it. Pls dm me your email address used for the account so we can best help.

[David Maris @davidmaris]

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[David Maris @davidmaris]

#LIVENOW #LIVE
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[David Maris @davidmaris]

If they could have sold BLCO, they would have not waited until now, is my reasonable guess. If you look at the $50 billion or $100 billion of pharma deals done in the last year, it is probably not a mistake that none of them thought of BLCO. They have effectively been for sale since Joe Papa days, imho. And even if they sold the whole thing, it would barely make a dent in the debt. And a debt for equity swap? If you have $20b of debt and say $2b of equity, hard to make that work. To me, it is as simple as someone who is upside down in a mortgage or a car loan.

[David Maris @davidmaris]

@TranslucideUS Not sure if this data is to be trusted, but the debt seems to be indicating a lot of skepticism of ever being paid....
https://t.co/M6R1o6EFqW

[David Maris @davidmaris]

There is no move to be made, imho. How much BLCO could the market afford to absorb? Pershings Square, which was raising a closed end fund raised only $5B. In other words, there is not enough $BLCO to matter relative to the debt stack and the coming EBITDA/CF erasing patent expiry. And BLCO rev growth slowed this last quarter. Negative FCF and EBITDA for a company with $15 billion of debt, let alone $20B, is not a recipe for a stock that works.

[David Maris @davidmaris]

$BHC just said on their conference call that tey have an outstanding R&D team.... this is on a quarterly call for a quarter where they also just has a $1.4 billion writedown on an R&D asset.... some chutzpah

[David Maris @davidmaris]

@TranslucideUS I know it is the cost of moving the debt - but that is expensive, especially when EBITDA evaporates in a couple years

[David Maris @davidmaris]

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[David Maris @davidmaris]

#LIVE #LIVEnow #Stocks #markets $XOMA and $EQT https://t.co/4FzqmudGPN