Valeant Pharmaceuticals International’s new CEO, Joseph Papa, addressed investors directly for the first time Monday morning since he took over earlier this month.
Speaking at the UBS Global Healthcare Conference in New York, he declined to update Valeant’s 2016 sales and earnings guidance, issued in March. But he did tell the gathered crowd that his philosophy on guidance is to “under-promise and over-deliver.”
Given Valeant’s recent turmoil, that sounds wise. But his philosophy might come as a surprise to shareholders at Perrigo, where Mr. Papa served as chief executive for over a decade before leaving for Valeant.
After all, Perrigo had to sharply cut full-year guidance in April. Additionally, on the first quarter earnings call earlier this month, new Perrigo CEO John Hendrickson said “our recent track record of performance against our own expectations is unacceptable.”
The change to Mr. Papa’s philosophy must have been a recent one.
By Charley Grant
Source: Wall Street Journal
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