Valeant delays Q4 report as CEO returns from illness

MONTREAL -- The return of Valeant Pharmaceuticals' chief executive from medical leave on the weekend has delayed the company's fourth-quarter financial report, which was to be released Monday.

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The Quebec-based company (TSX:VRX) says it's also withdrawing previously announced estimates of what it expects to achieve in the 2015 fourth quarter ended Dec. 31 and for the 2016 financial year.

The company, based in Laval, Que., didn't announce a new date for its financial report but said it would be "in the near term."

Valeant announced Feb. 22 that it will need to restate its financial reports for 2014 and 2015 because of errors in the way it recorded revenue from sales through Philidor.

Questions have been raised about Valeant's relationship with Philidor, which distributed some of the company's specialty drugs until their relationship was ended abruptly in October.

Valeant is also one of the companies under investigation as the U.S. Congress looks at price increases for certain specialty drugs.

CEO Michael Pearson, who had been off the job since mid-December due to pneumonia and complications from the treatment, said in a statement Sunday that his "immediate priority" is to rebuild relationships with business partners, regulators and government representatives.

"I realize that recent events are disappointing to everyone and it is my responsibility to set the appropriate tone for the organization," Pearson said.

"I will focus on the retention and enhancement of our management teams and employee groups around the world and ensure that we maintain a culture that adheres to the highest ethical standards."



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