S&P lowers Arbor Pharmaceuticals

S&P said it downgraded the ratings on Arbor Pharmaceuticals Inc., including its long-term issuer credit rating to B from B+

The downgrades reflect the company's weakening credit metrics, the agency said.

The company's products are facing a number of challenges, including the Caremark formulary exclusion of Horizant, substitution alternatives to Sklice, generic competition to Evekeo and lower sales volume for Wilshire, S&P said.

The stable outlook reflects a belief that Arbor's revenue and EBITDA will decline less in 2019 than in 2018 based on lower risk to legacy products and new launches, which could offset some weakness in other products, the agency said.

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