Valeant interim CEO vows to regain investor trust by delivering growth

MONTREAL -- The interim CEO of Valeant Pharmaceuticals says a long-term partnership with U.S. drug store chain Walgreens is among initiatives that will help restore faith in the embattled drugmaker.

See Full Article

Howard Schiller told a J.P. Morgan health-care conference in San Francisco that the Quebec-based company is committed to delivering strong results and steady growth.

"We are going to regain your trust and confidence and soon we'll be talking about the fundamentals of this business instead of some of the other challenges we've had recently," he said during a webcast of the conference.

Schiller, the company's former chief financial officer, was appointed last week as interim CEO while Michael Pearson is on medical leave recovering from acute pneumonia.

Schiller said the company will roll out a 20-year partnership with Walgreens on Friday that aims to reduce drug prices and cut health-care system costs.

A deal was reached with Walgreens late last year after Valeant (TSX:VRX) severed its previously undisclosed relationship with Philidor Rx Services, a U.S. mail-order pharmacy.

The Walgreens program will launched with dermatology drugs, followed soon after with ophthalmology products and the female libido drug Addyi. A program to offer about 30 branded drugs at generic prices will be added mid-year.

Valeant also hopes to add independent U.S. retailers to the program and is exploring similar options in other countries.

Valeant and other drug makers came in for severe criticism in the U.S. and face congressional investigations over steep price increases on prescription drugs that had been on the market for years.

Since then, the company's stock has been slashed more than in half from record highs in August.



Advertisements

Latest Economic News

  • BBC women demand immediate response to gender pay gap

    Economic CTV News
    LONDON -- Some of the BBC's most prominent female journalists and TV presenters are banding together to demand that the broadcaster fix its wide gender pay gap immediately rather than in several years as management has proposed. Source
  • New airport security rules and brewing beer battles: CBC's Marketplace consumer cheat sheet

    Economic CBC News
    Miss something this week? Here's the consumer news you need to know from CBC-TV's Marketplace. Get this in your inbox every Friday. Sign up here. Flying to the U.S.? Read this "Enhanced" security measures went into effect this week for Canadians travelling to the U.S. Source
  • Credit agency pushes feds to give it access to list of social insurance numbers

    Economic CTV News
    OTTAWA -- An international credit reporting agency is pushing the federal government to give it access to a monthly list of new social insurance numbers despite years of rejections over privacy concerns. TransUnion made the request anew earlier this year, shortly after Patty Hajdu became labour minister, to access the list that contains the range of social insurance numbers issued each month in various regions of the country. Source
  • Canadians set record with U.S. real estate shopping spree

    Economic CBC News
    New Brunswick's Joel Levesque had no idea he was helping set a record when he bought a home in Fort Myers, Fla., back in April. The 63-year-old semi-retired public affairs professional wanted a place to escape for the winter and didn't feel like waiting around for the loonie to gain ground on the greenback. Source
  • Debt got you down? Start a debt-destruction club

    Economic CBC News
    If you run, hide, or plug your ears every time the topic of money comes up, you're not alone. But as the era of ultra-low interest rates comes to an end, you need to force yourself to face your finances. Source
  • Ontario transit agency won't let Bombardier bid to operate commuter trains

    Economic CTV News
    MONTREAL -- Ontario's transit agency has decided not to appeal a court ruling favouring Bombardier but will exclude the Montreal-based company from bidding to continue operating GO Transit trains as it has done for decades. Source
  • Business groups blast Ontario labour proposals on last day of consultations

    Economic CTV News
    TORONTO -- Unions and advocacy groups made one last effort Friday to sway the Ontario government on its plan for sweeping changes to the province's labour laws, with some sounding the alarm about what they deem drastic measures and others arguing the proposal doesn't go far enough. Source
  • Marijuana companies band together to develop marketing guidelines

    Economic CTV News
    TORONTO -- Sixteen of Canada's licensed marijuana producers have enlisted the help of Advertising Standards Canada to develop guidelines on how the drug should be branded and promoted before its recreational use becomes legal next year. Source
  • Husky Energy set to repair pipeline that spilled crude into river a year ago

    Economic CTV News
    CALGARY -- Husky Energy (TSX:HSE) says it has been granted permission to repair and replace a section of pipeline that leaked 225,000 litres of crude in Saskatchewan just over a year ago. Chief executive Robert Peabody said that it will be applying lessons learned from the spill on the rebuild. Source
  • Ford says it will fight latest Takata recall

    Economic CTV News
    DETROIT -- Ford is fighting the latest expansion of the Takata air bag inflator recall. Earlier this month Takata filed documents with the U.S. government adding 2.7 million vehicles to the recall from Ford, Nissan and Mazda. Source