Valeant's `Mistakes' Raised Profit, Destroyed Value, Ackman Says
- Drugmaker's price strategy reassessed at Washington hearing
- `Valeant was too aggressive,' outgoing CEO tells senators
Valeant Senate Hearing in Three Minutes
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After $77 billion in lost market value, congressional hearings and corporate stumbles, Valeant Pharmaceuticals International Inc.’s CEO and its biggest hedge fund booster stood before a Senate committee, raised their right hands in truth, and said the drug company had gotten things wrong.
“We have made mistakes,” Mike Pearson, Valeant’s chief executive officer, said at the Special Committee on Aging’s hearing on high drug prices. “Valeant was too aggressive. And I, as a leader, was too aggressive.”