Valeant Pharmaceuticals International Inc. Ceo Mike Pearson’s health is improving, a company spokeswoman said Thursday, although he remains on medical leave.
Former Chief Financial Officer Howard Schiller is still serving as interim CEO, said Laurie Little, the spokeswoman.
Pearson was hospitalized at the end of December with severe pneumonia. At the time, he was attempting to regain investors’ trust following the company came under fire because of its price rises along with a controversial relationship with a mail-order pharmacy. “Some unexpected complications led to a longer hospital stay than anticipated,” Pearson, 56, wrote in a Jan. 25 memo to employees, saying he anticipated “being back at work when able.”
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CNBC, citing a source, reported that there was debate within the board over whether he was prepared to return to work.
Valeant, facing intense scrutiny over its soaring drug prices and distribution practices, has lost a lot more than two-thirds of their market price since its August peak of US$262.52. The stock fell less than 1 percent to US$83.06 at 10:06 a.m. on Thursday.
The drugmaker now said hello plans to restate some past earnings following a board committee found that US$58 million in sales recognized in 2014 must have been booked in later periods. It intends to report fourth-quarter results on Monday.
Bloomberg News, with files from Reuters
