March 15, 2016 / 12:38 PM / in 2 years

Valeant CEO says business not operating on all cylinders

NEW YORK, March 15 (Reuters) - Valeant Pharmaceuticals International Chief Executive Officer Michael Pearson said on Tuesday that the company’s business is “not operating on all cylinders” but that it is addressing lower growth and will work with banks as it nears a technical default.

Pearson, in his first address to investors since returning to the helm of the company, said that the first quarter fell short as dermatology and opthalmology prescriptions had lower than expected demand.

It also had negative impact from foreign exchange and changed the way it accounts for taxes.

The company said it plans to pay down $1.7 billion in debt this year. It will start working with banks next week it said as it trips debt covenants by missing a filing deadline with regulators of today for its annual report. (Reporting by Caroline Humer)

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