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.

See Full Article

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."



Advertisements

Latest Economic News

  • Metrolinx appealing latest court loss over $770M contract with Bombardier

    Economic CTV News
    TORONTO -- Metrolinx has filed an appeal questioning the decision of an Ontario judge last month that preserved the transit agency's contract with Bombardier Transportation. The notice of appeal deepens the legal dispute between the Ontario transit agency and Bombardier over the company's ability to fulfil train orders in Toronto, where gridlock has become an increasing frustration for hundreds of thousands of commuters. Source
  • Majority say buying Canadian, even if price is higher, is more important: Nanos survey

    Economic CTV News
    The majority of Canadians say that buying Canadian products is more important to them, even if the price is higher, according to a recent Nanos survey. Fifty-two per cent of those surveyed said that it is more important to them personally to buy a Canadian product, even if it costs more, while 28 per cent said that buying the cheapest product is more important when it comes to shopping. Source
  • Female CEOs make more than their male counterparts – but there are a lot less of them

    Economic Toronto Sun
    NEW YORK — Women CEOs earned big bucks last year, but there’s still very few of them running the world’s largest companies. The median pay for a female CEO was US$13.1 million last year, up 9% from 2015, according to an analysis by executive data firm Equilar and The Associated Press. Source
  • Feds launch contest for $950M 'supercluster' plan aimed at creating jobs, growth

    Economic CTV News
    OTTAWA -- The Trudeau government is opening the competition for its $950-million "supercluster" program that aims to bring together industry and academia as a way to lift the innovation economy. Economic Development Minister Navdeep Bains is adding new details about deadlines and qualifying criteria for a five-year initiative central to the feds' innovation program. Source
  • New TD centre to create up to 575 jobs in Moncton over 6 years

    Economic CBC News
    The TD Bank expects to create up to 575 full-time jobs in Moncton over a six-year period when it opens a business services centre in 2019 with up to $9 million in help from the provincial government. Source
  • New York fines BNP Paribas $350 million in trading scheme

    Economic CTV News
    New York state regulators have fined French bank BNP Paribas $350 million, alleging bank employees for years manipulated global currency markets to benefit themselves at the expense of their customers. The New York Department of Financial Services said Wednesday that from 2007 to 2013 at least a dozen BNP Paribas traders manipulated the foreign exchange market, using chat rooms and fake trades in currencies including the South African rand, Hungarian forint and Turkish lira. Source
  • Bombardier and U.S. aerospace supplier Triumph settle legal dispute

    Economic CTV News
    MONTREAL -- Bombardier and Triumph have reached a settlement about five months after the U.S. aerospace supplier filed a $455-million lawsuit against the Quebec-based aircraft manufacturer. Details of the settlement announced Wednesday were not disclosed. Source
  • New TD call centre will create 575 jobs in Moncton, N.B., province says

    Economic CTV News
    MONCTON, N.B. -- TD has announced plans for a new call centre in Moncton, N.B., that the provincial government says will create up to 575 full-time jobs. The Toronto-based bank will receive up to $9 million in financial assistance from the government, which says the call centre will add $109-million to the province's GDP over six years. Source
  • Graco recalls My Ride 65 car seats in Canada for restraint defect

    Economic CBC News
    Graco's Canadian division is recalling 1,393 car seats with defective harness restraints. The recall affects certain "My Ride 65" model car seats manufactured between May 14, 2014 and July 30, 2014, according to a safety advisory from Graco. Source
  • Lavazza Coffee buys 80% stake in Canada's Kicking Horse

    Economic CBC News
    Italian coffee conglomerate Lavazza has bought an 80 per cent stake in B.C.-based Kicking Horse Coffee in a deal that values the company at $215 million. Elana Rosenfeld, who founded the Kicking Horse brand in 1996, will continue to own the remaining 20 per cent and will continue to be CEO of the company, which has grown to become the No. Source