Valeant Pharmaceuticals International Inc.’s CEO said he saw running the drugmaker as the “turnaround opportunity of a lifetime.” He may end up managing its slow decline into something far less exciting.
On Wednesday, the company said that fourth-quarter sales fell 10 per cent from a year ago, with lower revenue in all three of its major units. Its forecast for 2018 isn’t much better, with sales and profit projections coming up short of what analysts had expected.
Shares in the company were down almost 12 per cent at $20.96 in morning trade.
Chief Executive officer Joe Papa took over in 2016 after the previous management was ousted. The drugmaker had faced intense public scrutiny of its business practices, including its relationship with a specialty pharmacy, its aggressive approach to raising prices of drugs it acquired, and the large debt it piled up as it did deal after deal, boosting it into the ranks of the world’s largest drug companies.