Valeant’s New CFO Will Review 2016 Numbers, CEO Papa Says
- Asset sales will be announced in next six months, Papa says
- Some divested assets may go for less than Valeant paid
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Valeant Pharmaceuticals International Inc.’s new chief financial officer will review the drugmaker’s numbers for this year and next after the company surprised the market in August by reaffirming its 2016 forecast, Chief Executive Officer Joe Papa said in an interview Tuesday.
Paul Herendeen was announced as CFO on Aug. 22, joining from Zoetis Inc., an animal health company. Valeant said on Aug. 9 that it would hit its target given earlier in the year of $9.9 billion to $10.1 billion in sales, and adjusted earnings before interest, taxes, depreciation and amortization of $4.8 billion to $4.95 billion. To do so, the company will have to outperform its first-half results during the second part of the year.