Valeant CEO Hospitalized With ‘Severe’ Pneumonia

Laurie Little, a spokeswoman for Valeant, said Pearson is still in a hospital, but wouldn’t say where.

Little was quoted by the NY Times as having said in a statement that the company not only wishes him a “speedy” recovery, but that it is looking forward to his return. Following the completion of the acquisition, the director now directly owns 15,532 shares in the company, valued at approximately $2,820,611.20.

Last week, Valeant reduced its quarterly revenue outlook to between $2.7 billion and $2.8 billion, down from an earlier forecast of $3.25 billion to $3.45 billion, partly because of the impact of the new distribution arrangement with Walgreens.

Mr. Pearson is a former McKinsey & Co. consultant who was the architect behind Valeant’s turnaround from a troubled small drugmaker. Most notably, William Ackman’s Pershing Square Capital Management hedge fund lost over 17 percent through November. The company has a market cap of $39.60 billion and a price-to-earnings ratio of 66.30. In the past week, Pearson asked the investors not to be concerned regarding the issued leading to the scandal and urged them to focus on the products which are expected to grow beyond the present expectations.

The CEO promised to provide further transparency regarding the business to the shareholders. But his tone was more defiant than apologetic when discussing the company’s strategy, which has drawn scrutiny from lawmakers and investors for its use of mail-order pharmacies, price increases and acquisitions for growth.

The deal applies to Valeant’s branded dermatology and ophthalmology prescription drugs, including the high-selling Jublia treatment for toe fungus. Vetr’s target price points to a potential upside of 5.38% from the company’s current price.

Congressional committees have targeted Valeant as they investigate huge hikes in prices for some drugs, which have become a top concern for consumers and a big issue in the 2016 presidential campaign, told the North Star National.

Brokerage firms on Wall Street have been given an average recommendation of 1.79 for Valeant Pharmaceuticals International, Inc.

Yet Mr. Pearson’s tactics also drew criticism, especially the drastic cuts he made to newly acquired companies, his light investment in drug research and the major price increases taken on drugs.