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

February 4, 2023

MedTrace receives U.S. patent for diagnosing the human heart

Life sciences

The U.S. Patent and Trademark Office issued a patent to MedTrace for their method of diagnosing the human heart via 15O-water PET. The patented method is the foundation of the company’s software aQuant, currently under development. Hendrik “Hans” Harms, PhD and Senior Scientist at MedTrace, and Jens Soerensen, Professor and Clinical Advisor to MedTrace, are the originators of the method.

February 4, 2023

Roche taps insider Teresa Graham for top pharma job as setbacks prompt M&A questions

Life sciences

Teresa Graham, currently head of global product strategy for Roche pharma, will become the division’s new CEO next month, Roche said Thursday. Simultaneously, Roche is elevating Levi Garraway, chief medical officer, to the executive committee.

February 4, 2023

J&J’s pharma group quietly works through global overhaul, with layoffs expected to reach multiple countries

Life sciences

Fierce Pharma has obtained internal documents and video of a town hall meeting conducted this week describing what J&J called a “comprehensive review” of its portfolio. Moving forward, J&J plans to operate its vaccines and infectious diseases outfits as one group, the executives explained.

How can we help you?

We're easy to reach