Wednesday, May 11, 2016 9:36:28 AM
Their bonds are rated as junk so they have zero refinancing options. Jim Chanos is correct that the company is worth zero. They would need at least $15 billion in revenue per year just to be on track to pay back their debt (leaving nothing for shareholders) and they would be lucky to bag $10 billion this year. Their drug pipeline is tiny and they will be under enormous pressure to not charge high prices moving forward unless they want congress to get involved. Cramer just said that to even compete they are going to need to raise their R&D significantly which he said will wipe out cash flow. Every new analyst report coming out says sell, Cramer says sell, Warren freaking Buffet says its a sewer. Jim Chanos says its worth zero. You would have to be a complete fool to buy and hold this
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