Sector News

Valeant: Turning over a new guidance leaf?

May 24, 2016
Life sciences

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

comments closed

Related News

June 8, 2024

Lilly CFO leaves to join Alphabet

Life sciences

Anat Ashkenazi will leave Eli Lilly’s executive suite at the end of July to become CFO and senior vice president of Google and Alphabet. Ashkenazi has been CFO at Lilly since 2021 and originally joined the company in 2001. Over her 23-year career at the Indianapolis-based drugmaker, Ashkenazi also served as controller, CFO of Lilly Research Laboratories and as the finance chief for several global divisions within the company.

June 8, 2024

Edwards Lifesciences to cell Critical Care to BD

Life sciences

Edwards Lifesciences (NYSE: EW) announced it has entered into a definitive agreement to sell its Critical Care product group to BD (Becton, Dickinson and Company), in an all-cash transaction valued at $4.2 billion. With this agreement, Edwards is no longer pursuing the previously announced spin-off of Critical Care.

June 8, 2024

Danaher names Martin Stumpe as chief data and AI officer

Life sciences

The company, which owns diagnostics and life sciences businesses including Beckman Coulter and Cepheid, said the appointment reflects its increasing investment in AI as “a driving force for innovation and productivity.” Danaher is focused on AI by also spending on its internal capabilities and partnering with academic groups.

How can we help you?

We're easy to reach