Intrinsic value of VIVUS - VVUS

Previous Close

$3.34

  Intrinsic Value

$9.83

stock screener

  Rating & Target

str. buy

+194%

Previous close

$3.34

 
Intrinsic value

$9.83

 
Up/down potential

+194%

 
Rating

str. buy

We calculate the intrinsic value of VVUS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  33.30
  30.47
  27.92
  25.63
  23.57
  21.71
  20.04
  18.54
  17.18
  15.96
  14.87
  13.88
  12.99
  12.19
  11.47
  10.83
  10.24
  9.72
  9.25
  8.82
  8.44
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
Revenue, $m
  87
  114
  145
  183
  226
  275
  330
  391
  458
  531
  610
  695
  785
  881
  982
  1,089
  1,200
  1,317
  1,439
  1,565
  1,698
  1,835
  1,978
  2,126
  2,281
  2,441
  2,608
  2,781
  2,961
  3,149
Variable operating expenses, $m
  9
  12
  16
  20
  24
  29
  35
  42
  49
  57
  65
  74
  84
  94
  105
  116
  128
  140
  153
  167
  181
  195
  211
  226
  243
  260
  278
  296
  315
  335
Fixed operating expenses, $m
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
  73
  74
  76
  78
  79
  81
  83
  85
  87
  88
  90
  92
  94
  96
  99
  101
  103
  105
  108
Total operating expenses, $m
  66
  70
  76
  81
  86
  93
  100
  109
  117
  127
  136
  147
  158
  170
  183
  195
  209
  223
  238
  254
  269
  285
  303
  320
  339
  359
  379
  399
  420
  443
Operating income, $m
  21
  43
  70
  102
  139
  182
  229
  283
  341
  405
  474
  548
  627
  711
  800
  893
  991
  1,094
  1,201
  1,312
  1,428
  1,549
  1,675
  1,806
  1,941
  2,083
  2,229
  2,382
  2,541
  2,706
EBITDA, $m
  21
  43
  71
  103
  140
  183
  230
  284
  343
  407
  476
  550
  630
  714
  803
  896
  995
  1,097
  1,205
  1,317
  1,433
  1,554
  1,681
  1,812
  1,948
  2,089
  2,237
  2,390
  2,549
  2,715
Interest expense (income), $m
  15
  33
  8
  11
  16
  21
  27
  34
  41
  50
  59
  70
  81
  93
  105
  119
  133
  148
  163
  180
  197
  214
  233
  252
  272
  293
  315
  337
  360
  385
  410
Earnings before tax, $m
  -12
  35
  59
  86
  118
  155
  196
  241
  291
  346
  405
  468
  535
  606
  681
  761
  844
  930
  1,021
  1,116
  1,214
  1,316
  1,423
  1,533
  1,648
  1,768
  1,892
  2,022
  2,156
  2,296
Tax expense, $m
  0
  10
  16
  23
  32
  42
  53
  65
  79
  93
  109
  126
  144
  164
  184
  205
  228
  251
  276
  301
  328
  355
  384
  414
  445
  477
  511
  546
  582
  620
Net income, $m
  -12
  26
  43
  63
  86
  113
  143
  176
  213
  252
  295
  341
  390
  442
  497
  555
  616
  679
  745
  814
  886
  961
  1,039
  1,119
  1,203
  1,291
  1,381
  1,476
  1,574
  1,676

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  97
  126
  162
  203
  251
  305
  367
  434
  509
  590
  678
  772
  873
  979
  1,091
  1,210
  1,333
  1,463
  1,598
  1,739
  1,886
  2,039
  2,198
  2,363
  2,534
  2,712
  2,898
  3,090
  3,290
  3,499
Adjusted assets (=assets-cash), $m
  97
  126
  162
  203
  251
  305
  367
  434
  509
  590
  678
  772
  873
  979
  1,091
  1,210
  1,333
  1,463
  1,598
  1,739
  1,886
  2,039
  2,198
  2,363
  2,534
  2,712
  2,898
  3,090
  3,290
  3,499
Revenue / Adjusted assets
  0.897
  0.905
  0.895
  0.901
  0.900
  0.902
  0.899
  0.901
  0.900
  0.900
  0.900
  0.900
  0.899
  0.900
  0.900
  0.900
  0.900
  0.900
  0.901
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
Average production assets, $m
  1
  2
  2
  3
  3
  4
  5
  5
  6
  7
  9
  10
  11
  12
  14
  15
  17
  18
  20
  22
  24
  26
  28
  30
  32
  34
  37
  39
  41
  44
Working capital, $m
  5
  6
  8
  10
  12
  15
  17
  21
  24
  28
  32
  37
  42
  47
  52
  58
  64
  70
  76
  83
  90
  97
  105
  113
  121
  129
  138
  147
  157
  167
Total debt, $m
  54
  80
  112
  149
  192
  241
  296
  358
  425
  498
  577
  662
  752
  848
  949
  1,055
  1,167
  1,283
  1,405
  1,532
  1,664
  1,802
  1,944
  2,093
  2,247
  2,408
  2,574
  2,748
  2,928
  3,115
Total liabilities, $m
  87
  114
  145
  183
  226
  275
  330
  391
  458
  531
  610
  695
  785
  881
  982
  1,089
  1,200
  1,317
  1,439
  1,565
  1,698
  1,835
  1,978
  2,126
  2,281
  2,441
  2,608
  2,781
  2,961
  3,149
Total equity, $m
  10
  13
  16
  20
  25
  31
  37
  43
  51
  59
  68
  77
  87
  98
  109
  121
  133
  146
  160
  174
  189
  204
  220
  236
  253
  271
  290
  309
  329
  350
Total liabilities and equity, $m
  97
  127
  161
  203
  251
  306
  367
  434
  509
  590
  678
  772
  872
  979
  1,091
  1,210
  1,333
  1,463
  1,599
  1,739
  1,887
  2,039
  2,198
  2,362
  2,534
  2,712
  2,898
  3,090
  3,290
  3,499
Debt-to-equity ratio
  5.540
  6.350
  6.930
  7.350
  7.670
  7.900
  8.090
  8.230
  8.340
  8.430
  8.510
  8.570
  8.620
  8.660
  8.690
  8.720
  8.750
  8.770
  8.790
  8.810
  8.820
  8.840
  8.850
  8.860
  8.870
  8.880
  8.880
  8.890
  8.900
  8.900
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  26
  43
  63
  86
  113
  143
  176
  213
  252
  295
  341
  390
  442
  497
  555
  616
  679
  745
  814
  886
  961
  1,039
  1,119
  1,203
  1,291
  1,381
  1,476
  1,574
  1,676
Depreciation, amort., depletion, $m
  0
  0
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  9
Funds from operations, $m
  -12
  26
  43
  64
  87
  114
  144
  177
  214
  254
  297
  343
  393
  445
  500
  558
  619
  683
  749
  819
  891
  966
  1,044
  1,125
  1,210
  1,297
  1,389
  1,484
  1,582
  1,685
Change in working capital, $m
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
Cash from operations, $m
  -13
  25
  42
  62
  85
  111
  141
  174
  210
  250
  293
  339
  388
  440
  495
  553
  613
  677
  743
  812
  884
  959
  1,037
  1,117
  1,202
  1,289
  1,380
  1,474
  1,573
  1,675
Maintenance CAPEX, $m
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
New CAPEX, $m
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
Cash from investing activities, $m
  0
  0
  0
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -11
  -11
Free cash flow, $m
  -14
  24
  41
  61
  84
  110
  139
  172
  208
  248
  290
  336
  385
  436
  491
  548
  609
  672
  738
  806
  878
  952
  1,029
  1,110
  1,193
  1,280
  1,371
  1,465
  1,562
  1,664
Issuance/(repayment) of debt, $m
  -182
  27
  32
  37
  43
  49
  55
  61
  67
  73
  79
  85
  90
  96
  101
  106
  112
  117
  122
  127
  132
  137
  143
  149
  154
  160
  167
  173
  180
  188
Issuance/(repurchase) of shares, $m
  219
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  37
  27
  32
  37
  43
  49
  55
  61
  67
  73
  79
  85
  90
  96
  101
  106
  112
  117
  122
  127
  132
  137
  143
  149
  154
  160
  167
  173
  180
  188
Total cash flow (excl. dividends), $m
  23
  51
  73
  98
  127
  159
  194
  233
  276
  321
  369
  421
  475
  532
  592
  655
  720
  788
  859
  933
  1,010
  1,090
  1,172
  1,258
  1,348
  1,441
  1,537
  1,638
  1,743
  1,852
Retained Cash Flow (-), $m
  -219
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
Prev. year cash balance distribution, $m
  188
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -8
  48
  69
  94
  122
  153
  188
  227
  268
  313
  360
  411
  465
  521
  581
  643
  708
  775
  846
  919
  995
  1,074
  1,156
  1,242
  1,331
  1,423
  1,519
  1,619
  1,723
  1,831
Discount rate, %
  5.80
  6.09
  6.39
  6.71
  7.05
  7.40
  7.77
  8.16
  8.57
  9.00
  9.45
  9.92
  10.42
  10.94
  11.48
  12.06
  12.66
  13.29
  13.96
  14.66
  15.39
  16.16
  16.97
  17.81
  18.71
  19.64
  20.62
  21.65
  22.74
  23.87
PV of cash for distribution, $m
  -8
  43
  57
  72
  87
  100
  112
  121
  128
  132
  134
  132
  128
  122
  114
  104
  93
  82
  71
  60
  49
  40
  31
  24
  18
  13
  10
  7
  5
  3
Current shareholders' claim on cash, %
  50.0
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VIVUS, Inc. is a biopharmaceutical company. The Company operates in the development and commercialization of therapeutic products segment. It provides over two therapies approved by the Food and Drug Association (FDA), which include Qsymia (phentermine and topiramate extended-release) for chronic weight management and STENDRA (avanafil) for erectile dysfunction (ED). The Company has completed the Phase II studies of Qsymia for the indication of Obstructive Sleep Apnea (OSA) and diabetes. Its Qsymia is available in over 40,000 certified retail pharmacies across the country. Its STENDRA is also approved by the European Commission (EC), under the name, SPEDRA, for the treatment of ED in the Europe. The United States Food and Drug Association approved a Supplemental New Drug Application (sNDA) for STENDRA. STENDRA is indicated to be taken approximately 15 minutes before sexual activity.

FINANCIAL RATIOS  of  VIVUS (VVUS)

Valuation Ratios
P/E Ratio 15.2
Price to Sales 2.8
Price to Book 19.5
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 9.2
Growth Rates
Sales Growth Rate 30.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 30
Current Ratio 0
LT Debt to Equity 1288.9%
Total Debt to Equity 1338.9%
Interest Coverage 3
Management Effectiveness
Return On Assets 13%
Ret/ On Assets - 3 Yr. Avg. -8.6%
Return On Total Capital 9.5%
Ret/ On T. Cap. - 3 Yr. Avg. -16.6%
Return On Equity 418.2%
Return On Equity - 3 Yr. Avg. 34.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 91.9%
Gross Margin - 3 Yr. Avg. 75.7%
EBITDA Margin 31.5%
EBITDA Margin - 3 Yr. Avg. -33.3%
Operating Margin 44.4%
Oper. Margin - 3 Yr. Avg. -21.5%
Pre-Tax Margin 18.5%
Pre-Tax Margin - 3 Yr. Avg. -50.7%
Net Profit Margin 18.5%
Net Profit Margin - 3 Yr. Avg. -50.7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

VVUS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VVUS stock intrinsic value calculation we used $65.373 million for the last fiscal year's total revenue generated by VIVUS. The default revenue input number comes from 0001 income statement of VIVUS. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our VVUS stock valuation model: a) initial revenue growth rate of 33.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.8%, whose default value for VVUS is calculated based on our internal credit rating of VIVUS, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of VIVUS.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of VVUS stock the variable cost ratio is equal to 10.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $56 million in the base year in the intrinsic value calculation for VVUS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 14% for VIVUS.

Corporate tax rate of 27% is the nominal tax rate for VIVUS. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the VVUS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VVUS are equal to 1.4%.

Life of production assets of 1.4 years is the average useful life of capital assets used in VIVUS operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for VVUS is equal to 5.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-9.338 million for VIVUS - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 106.227 million for VIVUS is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of VIVUS at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Vivus: 3Q Earnings Snapshot   [Nov-01-18 07:36PM  Associated Press]
▶ VIVUS Adds Two New Members to the Board of Directors   [Oct-29-18 07:30AM  GlobeNewswire]
▶ VIVUS Regains Compliance with Nasdaq Listing Requirements   [Sep-26-18 07:30AM  GlobeNewswire]
▶ VIVUS Announces 1-for-10 Reverse Stock Split   [Sep-10-18 07:30AM  GlobeNewswire]
▶ Vivus: 2Q Earnings Snapshot   [Aug-07-18 07:03PM  Associated Press]
▶ VIVUS, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ VIVUS Appoints Kenneth Suh as President   [Aug-06-18 07:30AM  GlobeNewswire]
▶ Benzinga Pro's 5 Stocks To Watch Today   [Jun-11-18 09:32AM  Benzinga]
▶ VIVUS (VVUS) in Focus: Stock Moves 5.6% Higher   [May-25-18 08:44AM  Zacks]
▶ Vivus: 1Q Earnings Snapshot   [May-08-18 07:09PM  Associated Press]
▶ VIVUS Announces Date of 2018 Annual Meeting   [May-04-18 04:05PM  GlobeNewswire]
▶ VIVUS Strengthens Executive Leadership Team   [Apr-30-18 04:20PM  Marketwired]
▶ Vivus reports 4Q loss   [Mar-13-18 04:15PM  Associated Press]
▶ VIVUS Announces Change in Leadership   [Dec-26-17 04:05PM  Marketwired]
▶ ETFs with exposure to VIVUS, Inc. : December 22, 2017   [Dec-22-17 11:51AM  Capital Cube]
▶ ETFs with exposure to VIVUS, Inc. : December 11, 2017   [Dec-11-17 02:15PM  Capital Cube]
▶ ETFs with exposure to VIVUS, Inc. : December 1, 2017   [Dec-01-17 10:49AM  Capital Cube]
▶ ETFs with exposure to VIVUS, Inc. : November 20, 2017   [Nov-20-17 01:34PM  Capital Cube]
▶ ETFs with exposure to VIVUS, Inc. : November 10, 2017   [Nov-10-17 12:55PM  Capital Cube]
▶ Vivus reports 3Q loss   [Nov-07-17 04:57PM  Associated Press]
▶ VIVUS, Inc. to Host Earnings Call   [10:40AM  ACCESSWIRE]
▶ VIVUS Completes Tacrolimus Pre-IND Meeting With FDA   [Nov-02-17 07:00AM  Marketwired]
▶ ETFs with exposure to VIVUS, Inc. : October 30, 2017   [Oct-30-17 12:22PM  Capital Cube]
▶ ETFs with exposure to VIVUS, Inc. : October 20, 2017   [Oct-20-17 10:28AM  Capital Cube]
▶ ETFs with exposure to VIVUS, Inc. : October 9, 2017   [Oct-09-17 12:11PM  Capital Cube]
▶ VIVUS Reports Second Quarter 2017 Financial Results   [Aug-03-17 04:15PM  Marketwired]

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