Valeant CEO Pearson's Health Improving, Remains on Leave

Valeant Pharmaceuticals International Inc. Chief Executive Officer 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 acting as interim CEO, said Laurie Little, the spokeswoman.

Pearson was hospitalized in late December with severe pneumonia. At the time, he was attempting to regain investors’ trust after the company came under fire for its price rises and a controversial relationship with a mail-order pharmacy. “Some unexpected complications resulted in a longer hospital stay than anticipated,” Pearson, 56, wrote in a Jan. 25 memo to employees, saying he looked forward to “being back at work when able.”

Valeant, facing intense scrutiny over its soaring drug prices and distribution practices, has lost more than two-thirds of its market value since its August peak of $262.52. The stock fell less than 1 percent to $83.06 at 10:06 a.m. on Thursday.

The drugmaker this week said it plans to restate some past earnings after a board committee found that $58 million in sales recognized in 2014 should have been booked in later periods. It plans to report fourth-quarter results on Monday.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE