Valeant Pharmaceuticals to provide update amid swirling controversy

Main pic: The head office and logo of Valeant Pharmaceutical are pictured in Montreal on Monday May 27, 2013. THE CANADIAN PRESS/Ryan Remiorz.

MONTREAL — Valeant Pharmaceuticals will provide an update today on its latest plans to address concerns that have battered Canada’s largest drugmaker, including how it intends to replace U.S. mail-order pharmacy partner Philidor Rx Services.

Chairman and CEO Michael Pearson along with other top officials are also expected to discuss the company’s operations in its third conference call in less than a month.

The Quebec-based company’s (TSX:VRX) shares have plunged as a result of intense scrutiny about its business practices, including big price hikes for some of its products and its relationship with certain specialty pharmaceutical companies.

Shares have fallen about 70 per cent since August.

The U.S. Senate has launched an investigation into drug pricing, which includes Valeant, and the company has also received multiple subpoenas from federal prosecutors.

The Canadian Press