Valeant’s 2016 Has Been All Pain, No Gain Amid Record Stock Drop
- Drugmaker has lost $85 billion in market value since 2015 peak
- Promised asset sales haven’t materialized under new CEO
A logo sign outside of a facility occupied by Valeant Pharmaceuticals International, Inc., in Bridgewater, New Jersey on November 22, 2015.
Photographer: Kristoffer Tripplaar/AP PhotoOf all the major health-care stocks to own in 2016, perhaps the worst to own has been Valeant Pharmaceuticals International Inc.
Despite getting a new chief executive, promising to pay down its debt, and overhauling its operations, the drugmaker has seen its shares lose 87 percent of their value in 2016. The year-to-date decline is bigger than any of Valeant’s peers belonging to the 60-member Standard and Poor’s 500 Health Care Index. The drop would also make it the eighth-worst on the 180-member Nasdaq Biotechnology Index, whose largest loser was Concordia International Corp. -- a drugmaker sometimes compared to Valeant. The bonds have plunged as well.