Valeant Pharmaceuticals to report earnings next week

LAVAL, Que. -- Embattled company Valeant Pharmaceuticals plans to discuss its fourth-quarter financial results and update its 2016 earnings estimates on March 15.

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The announcement was delayed by two weeks because of the return of chief executive Michael Pearson, who returned recently from a two-month medical leave.

Pearson announced his return on Feb. 28, one day before Valeant had scheduled the financial report and conference call.

Valeant announced five days earlier that it had to restate its financial results for 2014 and 2015 after a review found about US$58 million of sales to U.S. mail-order pharmacy Philidor were recognized at the wrong time.

The Laval, Que.-based company also confirmed it is being investigated by the U.S. Securities and Exchange Commission in a separate probe into accounting and inventory issues at Salix Pharmaceuticals, which Valeant bought for US$11 billion last year.

Valeant is also under investigation by U.S. Attorney's offices in Massachusetts and New York, as well as Congress, as part of their probes into price increases for certain specialty drugs.



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