Hold On a Second, Valeant Is Still Valeant
Big risks remain at the drugmaker, despite some signs of progress and a coming name change.
Valeant by any other name ...
Photographer: Ron Antonelli/Bloomberg
Valeant Pharmaceuticals International Inc. wants investors to believe that it’s not the same old Valeant — so much so, that it’s even changing its name. The truth is, it won’t be that easy to turn the page.
On Tuesday, the drugmaker released first-quarter earnings, beating analysts’ estimates for adjusted Ebitda and raising its full-year Ebitda and revenue guidance. The stock popped more than 14 percent in early trading as investors applauded these signs of incremental progress. Valeant also announced a change on the branding side: As of July, it will go by the name of Bausch Health Cos.