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.

See Full Article

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.



Advertisements

Latest Economic News

  • Calgary airport to convert Lexus-only stalls back to accessible parking

    Economic CTV News
    Calgary International Airport has apologized for moving accessible parking stalls and setting up a Lexus marketing campaign in their place. The pavement in the parking spots was painted to indicate they were reserved for drivers of the luxury car. Source
  • Rowdy Korean Air passenger's 3-year prison sentence reversed

    Economic CTV News
    HAGATNA, Guam -- A U.S. appeals court has struck down the three-year prison sentence of a rowdy Korean Air passenger convicted of interfering with flight attendants last year on a flight to Guam. The 9th U.S. Source
  • Striking ground crew at Toronto airport to vote on new offer from employer

    Economic CTV News
    TORONTO - The union representing striking ground crew workers at Canada's busiest airport says it has received a new contract offer that will be voted on tomorrow. About 700 baggage handlers, cabin cleaners, and other ground crew employed by Swissport at Toronto's Pearson International Airport have been on strike since late July. Source
  • June retail sales a bright spot for Canadian economy: economists

    Economic CTV News
    OTTAWA - Canadian retail sales rose slightly in June and continue to be a bright spot in the economy. Statistics Canada says in a report issued Tuesday that the retail sector's growth was 1.1 per cent, excluding automotive and gasoline sales. Source
  • CGI Group moves to expand in northern Europe with takeover of Affecto

    Economic CBC News
    Canada's largest publicly traded IT services business is moving to expand its presence in Europe through the acquisition of Affecto PLC in a friendly deal that would add about 1,000 staff in northern Europe. CGI Group Inc. Source
  • Big banks set to reveal profits this week against the backdrop of improving economy

    Economic CBC News
    Canada's biggest banks could deliver another profitable season for investors as third-quarter results starting to roll in this week are expected to get a boost from the strengthening economy. Analysts expect modest improvements from the Big Six banks, which launch their quarterly earnings reports beginning with Royal Bank on Wednesday, but some suggest the industry could outdo the conservative predictions. Source
  • EU probes Bayer's planned buyout of Monsanto

    Economic CTV News
    BRUSSELS -- The European Union's anti-trust watchdog said Tuesday that it has launched a probe into German chemical maker Bayer's planned acquisition of U.S. seed and weed-killer company Monsanto.. The European Commission, which polices competition in Europe, said Tuesday it has concerns that the merger may reduce competition in areas like pesticides and seeds. Source
  • Retail sales inch higher to $49B in June

    Economic CBC News
    Sales at clothing stores increased in June, Statistics Canada reported Tuesday. (Shannon Stapleton/Reuters) Canadian retailers reported higher sales for the fourth straight month in June, as just about everything except cars and gasoline stations saw higher sales. Source
  • CGI Group moves to expand in northern Europe with friendly takeover of Affecto

    Economic CTV News
    HELSINKI - Canada's largest publicly traded IT services business is moving to expand its presence in Europe through the acquisition of Affecto PLC in a friendly deal that would add about 1,000 staff in northern Europe. Source
  • Asian stocks mixed after Wall Street sees gains

    Economic CTV News
    BEIJING - Asian stock markets were mixed Tuesday after Wall Street gained as investors looked ahead to this week's gathering of central bankers in Jackson Hole, Wyoming. KEEPING SCORE: Hong Kong's Hang Seng index gained 1 per cent to 27,421.58 points and Seoul's Kospi added 0.3 per cent to 2,362.40. Source