Drugmaker Valeant Pharmaceuticals International Inc.’s CEO, J. Michael Pearson
Shares of Valeant Pharmaceuticals International, Inc. rose by 3.22% in the last five trading days and 24.31% for the last 4 weeks. Valeant has been making headlines since August 2015 for reasons like price hike of specialty drugs, erroneous financial reporting, and termination of contracts with Philidor Rx Services. CIBC reissued a sector perform rating and set a $90.00 price target on shares of Valeant Pharmaceuticals Intl in a research report on Friday, December 18th.
Laurie Little, spokeswoman of the company, said that their blessings are with Mr. Pearson and they wish him speedy recovery. “Out of respect for Mike’s family and their privacy, we will only provide updates when appropriate”, Little said in an e-mail.
The company shares have dropped -19.39% from its 1 Year high price.
The report about his hospitalization was first published by the New York Times.
The head of troubled pharmaceutical company Valeant Pharmaceuticals International Inc. has been hospitalized. The CEO promised to provide further transparency regarding the business to the shareholders. However, rather than being apologetic, his tone was bold and defiant while discussing the business strategies of the company that invited scrutiny from federal agencies and investors.
Pearson, who had to be taken to the hospital with pneumonia on Christmas, has been trying to get investors back on board after everyone started jumping ship when the recent scandals broke.
Earlier this month, Valeant announced a drug distribution deal with pharmacy giant Walgreens that will lower prices of many medications by 10 per cent in the United States. Valeant raised prices by 66 percent this year, far beyond any other peer in the market and attracting the attention of Congress. Bill Ackman’s Pershing Square Capital Management, one of the largest holders of the stock, was down more than 17 percent in 2015 through November.
Valeant denied Left’s allegations, saying they were only supposed to drive down the company’s stock price.
Mr. Pearson, a former consultant from McKinsey & Co., was appointed CEO of Valeant in 2008, and he steered the company through a phase of rapid growth and meteoric rise in the price of the company’s stocks.
Zacks Investment Research downgraded Valeant Pharmaceuticals Intl from a hold rating to a sell rating in a research report on Monday.
In October Valeant severed ties with a mail-order pharmacy that used aggressive practices to secure reimbursement for pricey skin drugs.