Valeant Shares Slump 6% After Company Pulls Guidance, Reschedules Earnings Release

By Ciara LinnaneMarketWatch Pulse

Valeant Pharmaceuticals International Inc. shares slumped more than 6% in premarket trade Monday, after the company withdrew its financial guidance and said it would reschedule its fourth-quarter earnings release. The company made the announcement as its chief executive Michael Pearson returned from medical leave and the Canadian drugmaker moved to split its chief executive and chairman roles. Valeant named Robert Ingram as chairman of the board, taking that role away from Pearson, who was on medical leave after being diagnosed with severe pneumonia. The company came under fire last year for its drug pricing strategy, as well as for accounting issues and its relationship with the specialty pharma network Philidor. Shares are down 59% in the last 12 months, while the s&P 500 has lost 7%.

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