Is Valeant Pharmaceuticals the Next Enron? [The New York Times]
VALEANT PHARMACEUTICALS (VRX)
Last valeant pharmaceuticals earnings: 2/28 07:00 am
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Source: The New York Times
Valeant Pharmaceuticals is a sleazy company. Although it existed as a relatively small company before 2010, it did a deal that year that put it on the map . The deal was with Biovail, one of Canada’s largest drugmakers — and a company that had run afoul of the Securities and Exchange Commission. In 2008, the S.E.C. sued Biovail for “repeatedly” overstating earnings and “actively” misleading investors. Biovail settled the case for $10 million. As it happens, 2008 was the same year that a management consultant named J. Michael Pearson became Valeant’s chief executive. Pearson had an unusual idea about how to grow a modern pharmaceutical company. The pharma business model has long called for a hefty percentage of revenue to be spent on company scientists who try to develop new drugs. The failure rate is high — but a successful new drug can generate over $1 billion in annual revenue, which makes up for a lot of failures. Pearson didn’t have much patience for research and dev
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