|
 Valeant, whose U.S.-listed shares were down more than 13 percent in
premarket trading, also said a board review had found that the
company was in compliance with the law on revenue recognition from
drugs sold through Philidor.
Valeant's link to Philidor and its option to buy the company came
under scrutiny after a New York Times report said that Valeant and
other drugmakers were using specialty drug distributors to
circumvent barriers to raising prices.
Valeant said on Monday that net sales recognized through Philidor
represented about 7 percent of its total consolidated net revenue of
$2.79 billion for the quarter ended Sept. 30.
The drugmaker received a subpoena from U.S. prosecutors on Oct. 14
seeking details on its patient assistance programs, drug pricing and
distribution practices.
Valeant also said on Monday it had added Mason Morfit, the president
of hedge fund ValueAct Capital, to its board.
ValueAct is Valeant's fourth-biggest shareholder, with a stake of
about 4.4 percent, according to Thomson Reuters data.
[to top of second column] |
Up to Friday's close of $116.16, Valeant's shares had lost nearly 35
percent of their value since the company received the federal
subpoena.
(Reporting by Vidya L Nathan in Bengaluru; Editing by Sriraj
Kalluvila and Ted Kerr)
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