, Columnist
Perrigo Has a Warning for Valeant
It's a reminder of Joe Papa's spotty forecasting record.
This article is for subscribers only.
A day after new Valeant CEO Joe Papa stuck to ambitious year-end goals for his new employer, his old employer demonstrated how his promises don't always come true.
Perrigo on Wednesday reported second-quarter results that missed Wall Street forecasts and slashed its full-year outlook for non-GAAP EPS by $1.40, citing competition and pricing pressure for its generic drugs. Perrigo shares fell 10 percent on Wednesday and are down 41 percent so far this year. In contrast, Papa's steadfastness a day earlier drove Valeant shares up 25 percent.