Valeant's New Strategic Direction: Clean Break Or Simply A Paint Job?
Trying to get out from under the shadow of ongoing investigations into its pricing and questionable business practices, which have led to its shares diving 90% in the past year, Valeant Pharmaceuticals International Inc. laid out its strategy for becoming a "new" company. But one analyst questioned whether the changes being made were simply "new paint on the same old shed."
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Following first anniversary of Lumify launch, "we're still in a pretty heavy investment period supporting trial because our data suggest that when people use the product, they persist in using the product. And so for now, we got our foot down on of the promotional side," says CFO Paul Herendeen.
The troubled firm has pushed back its greatest debt burden until 2020, but new products are unlikely to fill sales gap. Valeant says its GI unit is showing positive signs and that a restructuring of the derm commercial unit is nearing completion.
Troubled Valeant has started the new year by announcing the sale of some $2.1bn in assets to get funds to hone down its operations and to start easing its debt burden amid allegations of unethical practices.