CEO of troubled pharmaceutical company Valeant admitted to hospital with … – The Oceanside Post

J. Michael Pearson, the chief executive officer of the now scandal embroiled drug company Valeant Pharmaceuticals International Inc., found himself in the hospital on Christmas where he was being treated for a “severe” case of pneumonia, according to Valeant spokeswoman Laurie Little who confirmed his treatment in an e-mail. The company has a market cap of $ 38,812 million.

Last week, Mr. Pearson urged investors to look past the concerns that caused 57% drop in the shares of the Laval, Quebec-based company, from its August peak this year. Instead, Valeant grew by acquiring other drug companies, keeping their products and dismissing most of their workers.

Democrats in Congress asked the company for information about price increases it took for two cardiac-care drugs, and the company disclosed that federal prosecutors were investigating its pricing practices and patient assistance.

After falling more than 65% since the Philidor story first broke, Valeant’s stock has risen more than 32% over the past month thanks to a barrage of investor-mollification on the pharma giant’s part (including slashing earnings forecast for this year and 2016 in order to focus on debt reduction).

Valeant Pharmaceuticals Intl (NYSE: VRX) opened at 114.11 on Tuesday. For example, after buying Salix Pharmaceuticals in 2015, it raised the price of a diabetes pill by 800 percent. Jennison Associates owned about 0.09% of Valeant Pharmaceuticals Intl worth $ 54,977,000 as of its most recent SEC filing. The company has a market capitalization of $ 39.44 billion and a P/E ratio of 66.02. The stock has a 50 day moving average of $ 92.45 and a 200 day moving average of $ 181.76. This is the Zack’s Research consensus number (which may slightly differ from Thomson Reuters First Call estimates). During the same quarter in the previous year, the company posted $ 0.58 EPS. Revenues estimates were revised downward as well. RBC Capital reissued an “outperform” rating and issued a $ 279.00 target price on shares of Valeant Pharmaceuticals Intl in a research note on Monday, September 28th.

Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. The Company’s Emerging Markets segment consists of branded generic pharmaceutical products and branded pharmaceuticals, OTC products, and medical device products.