MONTREAL—The CEO of Valeant Pharmaceuticals vowed on Tuesday, Nov. 10, to listen more to patients and critics as he tried to reassure investors that the company will survive the intense scrutiny that has sullied its reputation and taken a huge bite out of its value.
“We'll get through this period,” Michael Pearson said during a 90-minute conference call, the third in less than a month.
“We have a very ethical company and we’re very confident in terms of the future.”
The Quebec-based company has been at the centre of allegations over drug price gouging—accusations it has denied—as well as a controversy about its relationship with Philidor Rx Services, a U.S. mail-order pharmacy.
Valeant has severed ties with Philidor, which has been accused of questionable business practices, even though Philidor has assured that there has been no wrongdoing.
Valeant said it is working over the next 90 days to replace Philidor with new specialty pharmaceutical partners to distribute on a contract basis dermatology products that account for 6.8 percent of its revenues. It has no plans to own options in these companies as it did in the case of Philidor.
Pearson said he is unaware of any other issues within his company, but he added it’s impossible to provide a complete assurance given Valeant’s large size and geographic reach.
