Valeant Pharmaceuticals International (VRX) sought to soothe investor worries Tuesday morning, while the short seller who provoked its recent scandal moved on to attacking fellow specialty drugmaker Mallinckrodt (MNK) in dueling TV interviews with Mallinckrodt’s CEO. Valeant’s management held a conference call Tuesday morning that brought little new information. CEO J. Michael Pearson said that after Valeant cut ties with disgraced pharmacy
Big pharma Valeant Pharmaceuticals (VRX) and Turing Pharmaceuticals face congressional subpoenas related to widening probes of why they raised prices sharply on life-saving drugs shortly after acquiring them. Meanwhile, the Senate’s Special Committee on Aging launched a probe into pharmaceutical pricing Wednesday and said it will seek related documents from four companies, including Valeant and Turing. Valeant said in a statement it will cooperate
Specialty-drug giant Allergan (AGN) beat analysts’ Q3 estimates Wednesday as CEO Brent Saunders dodged questions about buyout talks with Pfizer (PFE) while defending the company’s drug-pricing strategies and distancing its model from its peer Valeant Pharmaceuticals International (VRX). Allergan’s sales rose 90% over the year-earlier quarter to $4.09 billion, about $50 million above analysts’ consensus, according to Thomson Reuters. Earnings