It's Time for Investors to Get Over the Biggest Misconception About Valeant Pharmaceuticals
Nearly two years ago to the day, Valeant Pharmaceuticals (NYSE: VRX) would hit almost $264 a share in intraday trading and support a roughly $90 billion market valuation. The embattled drugmaker has lost approximately 94% of its value since reaching that all-time high.
A number of issues have plagued Valeant. For example, the company was chastised by a Senate committee for its drug-pricing practices. Among Valeant's commonly leaned-upon growth tactics was the acquisition of mature medicines that it could then raise the price of, in some cases substantially. When Valeant's now-former CEO J. Michael Pearson was being grilled during the Senate hearing over the respective 525% and 212% price increases passed along to cardiovascular drug Nitropress and Isuprel post-acquisition, he admitted that "mistakes" were made when pricing these drugs.
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Source: Fool.com
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