Valeant Pharmaceuticals woos investors, stock dips
By Rod Nickel and Caroline Humer
Jan 13 (Reuters) - Valeant Pharmaceuticals International Inc sought on Wednesday to win back investors, pitching the beleaguered company's plans to grow revenues internally and sell drugs through pharmacy chain Walgreens.
But Valeant's stock, already down about two-thirds since August, extended losses during the company's presentation at the JPMorgan Healthcare Conference in San Francisco.
Shares fell 1.9 percent to $86.21 in New York as the company avoided talking about sensitive areas such as former ties to a specialty pharmacy and investigations into its drug price hikes.
Interim Chief Executive Howard Schiller, in his first public presentation since taking over temporarily for ailing CEO Mike Pearson earlier this month, said there was no update on Pearson's health.
Valeant has a promising roster of new drugs in development and organic - or internally generated - growth amounted to 10 percent last year, the company said. Valeant has grown mainly through acquisitions.
"We have a team that is unbelievably focused on delivering the goods, doing what's right and restoring the trust and confidence you have in us and the company," Schiller said.
Schiller and two other Valeant executives highlighted the company's distribution deal with Walgreens Boots Alliance Inc pharmacies, announced last month to replace one with mail-order pharmacy Philidor.
The Walgreens partnership includes two programs, one focusing on dermatology products starting on Friday, and the other aiming to sell about 30 brand-name drugs at generic prices, starting mid-year, said Executive Vice President Ari Kellen. Continued...