Drug giant Valeant Pharmaceuticals beat Q3 estimates and raised its guidance Monday, but the stock fell 7.7% as the CEO admitted that recent controversy over its high drug prices is leading to new strategies, including a possible sale of Valeant’s neurology business. On a conference call to discuss Q3 earnings Monday morning, Valeant (VRX) CEO J. Michael Pearson said the company will be adjusting its strategy in light of recent
Chinese President Xi Jinping vowed to push ahead with reforms aimed at strengthening business ties between the U.S. and China, he said in a speech to 30 corporate leaders from the two countries. At the end of August, 65,000 U.S. enterprises had invested a total of $76 billion in China, Xi told the gathering at a downtown Seattle hotel on Wednesday. And he emphasized that 1,600 Chinese companies are operating in America, creating
Biotech stocks tumbled Monday after presidential candidate Hillary Clinton said she would propose a plan to address high drug prices on Tuesday. “Price gouging like this in the specialty drug market is outrageous,” Clinton wrote on her Twitter account Monday morning. “Tomorrow I’ll lay out a plan to take it on.” Clinton linked to a New York Times article about Daraprim, a drug whose price was hiked more than 50-fold after it was