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
CureVac and the University of Texas’s MD Anderson Cancer Center have announced a co-development and licensing agreement to develop novel messenger ribonucleic acid (mRNA)-based cancer vaccines. The strategic collaboration will focus on the development of differentiated cancer vaccine candidates in selected haematological and solid tumour indications with high unmet medical needs.
FUJIFILM Corporation is planning to invest $1.2 billion to expand the planned FUJIFILM Diosynth Biotechnologies manufacturing facility in Holly Springs, North Carolina, US. This news follows the organisation’s announcement of a $2 billion investment in the facility in March 2021. This additional financial boost totals the investment to over $3.2 billion, FUJIFILM confirmed.
Sanofi’s global restructuring and downsizing is now fully underway, with layoffs stretching to the company’s Belgian offices. Belgian newspaper De Tijd reports that 67 employees have been laid off at a site in Ghent and 32 jobs are on the chopping block at Sanofi’s Belgium HQ in Diegem.
