Valeant Pharmaceuticals International Inc. said it would hold a conference call Tuesday morning to offer a business update, part of the embattled company's bid to restore investor confidence.
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The pharmaceutical company's shares have lost about two-thirds of their value since early August amid questions about its drug pricing, business and accounting practices. The company has said it has found no evidence of illegality but established a board committee to look into its relationship with a specialty pharmacy that distributed its drugs.
Chief Executive J. Michael Pearson, along with Chief Financial Officer Robert Rosiello and other executives, will take part in the call at 8 a.m. ET during which the company plans to offer an overview of current plans and priorities, including its transition plan from specialty pharmacy Philidor Rx Services LLC. There will also be a question and answer segment for investors and analysts.
Valeant's shares edged up 3.2% to $84.40 premarket.
Politicians, doctors and insurers have sharply criticized Valeant's approach to drug pricing, which sometimes involves buying old medications and jacking up the prices. More recently, investors�including vocal short sellers�have questioned Valeant over its accounting and business practices.
The company has repeatedly defended its accounting practices but cut ties with Philidor after several large pharmacy-benefit managers ceased working with the mail-order pharmacy. Valeant has also defended Mr. Pearson, as has William Ackman, one of Valeant's largest shareholders.
Mr. Ackman, of hedge-fund Pershing Square, has been critical of Valeant's handling of the crisis, saying the company should have better responded to concerns over its specialty-pharmacy relationships and provided disclosures to investors more quickly.
Mr. Ackman also said last week that Valeant's board has assured him it is considering any and all alternatives that would benefit shareholders, which some investors viewed as an indication the CEO should be prepared to step down or sell the company if more extreme steps become necessary.
Valeant added it intends to host an investor day and update its annual and quarterly financial guidance before the end of the year.
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