Shares of Valeant Pharmaceuticals International Inc. fell after an analyst downgraded her recommendation to “neutral” from “buy,” saying the drugmaker’s future remains unclear after an agreement with Walgreens Boots Alliance Inc.

Valeant said Tuesday it had formed a new partnership with Walgreens to distribute skin and eye drugs, the deal coming after the drugmaker severed ties with Philidor Rx Services, a mail-order pharmacy. The shares fell 4.3 percent to $113.36 at 1:49 p.m. in New York.

“We still don’t understand how this partnership will improve filled prescriptions if payer restrictions persist,” Irina Koffler, a Mizuho Securities USA analyst, said Thursday in a note to clients. “We think there is now less certainty about Valeant ‘crushing the numbers’ each quarter.”

Valeant has been under pressure over its prices and its relationship with mail-order pharmacies such as Philidor. Former employees said the pharmacy specialized in helping doctors and patients get access to Valeant drugs even when some insurers declined to cover them. Valeant ended its relationship with Philidor following reports of the tactics Philidor employees allegedly used to gain reimbursements.

“We still worry about Philidor fallout,” Koffler said. “We remain concerned about the company’s legal and political issues and potential links to management.”

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