REFILE-Valeant to restate results after Philidor review

Mon Feb 22, 2016 10:46pm EST
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(Corrects date in dateline)

Feb 22 (Reuters) - Valeant Pharmaceuticals International Inc said it would restate its financial results for 2014 and 2015 after identifying some sales to Philidor that should have been recognized when products were dispensed to patients.

The company said the restatement will reduce its reported 2014 GAAP earnings by about 10 cents per share and increase 2015 GAAP earnings by about 9 cents per share.

Valeant cut ties with specialty pharmacy Philidor Rx Services in October after it was revealed Philidor used aggressive tactics to try to increase insurer reimbursement, mostly for dermatology drugs to help the Canadian drugmaker inflate revenue. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Sunil Nair)