Valeant Pharmaceuticals
 |
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| Public company | |
| Traded as | |
| Industry | Pharmaceutical industry |
| Founded | 1960 |
| Headquarters | Laval, Quebec, Canada |
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Key people
|
Joseph C. Papa (Chairman and CEO), Paul Herendeen (CFO), Milan Panić (Founder) |
| Products | |
| Revenue |  US$9.674 billion (2016) |
| -US$0.566 billion (2016) |
|
| -US$2.409 billion (2016) |
|
| Total assets | US$43.529 billion (2016) |
| Total equity | US$3.152 billion (2016) |
|
Number of employees
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21,500 (2016) |
| Subsidiaries |
|
| Website | valeant |
Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company based in Laval, Quebec, Canada. Valeant develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. Valeant owns Bausch & Lomb, one of the largest manufacturers of contact lenses.
Valeant grew quickly with a series of mergers and acquisitions under the leadership of J. Michael Pearson and for a short period of time in 2015 was the most valuable company in Canada. Valeant was described as a platform company that grows by systematically acquiring other companies. Valeant acquired Salix Pharmaceuticals for $14.5 billion in 2015. Valeant tried to acquire Actavis and Cephalon and merge with Allergan, but failed.
In 2015–2016 the company was involved in a controversy about drug price hikes and the use of a specialty pharmacy for the distribution of its specialty drugs. The company's stock price plummeted nearly 90 percent since the peak. Valeant reversed the price hikes and ended cooperation with specialty pharmacy Philidor Rx Services and Walgreens took over distribution.
Valeant is under investigation by the U.S. Securities and Exchange Commission. Joseph C. Papa became CEO of the company in May 2016. Bill Ackman's Pershing Square fund held a major stake in the company before selling out in March 2017 for a reported loss of $2.8 bn.
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