The Canadian pharmaceutical company also reduced the prices of its dermatological and ophthalmological products by 10 percent. Rep. Elijah E. Cummings, D-Maryland, wrote to Pearson, asking the Valeant CEO to provide the documents and interviews with company officials by January 8, 2016, before a committee hearing on soaring medication prices.
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The new distribution agreement with Walgreens – a chain with more than 8,000 retail outlets – follows Valeant’s decision to sever ties with mail-order pharmacy Philidor Rx Services.
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A high-ranking USA politician released a letter sent to Valeant that accuses the firm of failing to disclose information as requested and obstructing the congressional investigation.
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Valeant also said it will cut its debt by about $2.25 billion in 2016 and book revenues of $12.5 billion to $12.7 billion, compared with 2015 sales it estimated at $10.4 billion to $10.5 billion.
Financial analysts quizzed Valeant officials about the Walgreens deal during the investor presentation, questioning whether it would pass muster with pharmacy benefit managers. It has held a series of investor calls as it struggles to dispel the bad publicity it has suffered, following a damning report from short seller Citron Research, which had accused it of using Philidor to falsify revenue.
The Walgreens deal will cover numerous drugs that had been distributed through Philidor, including Jublia, a toe fungus treatment, and Solodyn, an oral antibiotic for acne.
After losing 73 per cent over the past few months, Valeant’s shares increased more than 15 per cent on Tuesday.
Valeant on Wednesday lowered its per-share profit expectations for the year from between $11.67 and $11.87, to between $10.23 and $10.33.
The company expects double-digit same store organic sales growth from its business next year, due to be mainly driven through volume.
Federal prosecutors have subpoenaed documents tied to Valeant’s drug pricing and other practices ahead of a presidential election in which the soaring price of prescription medicines has become a top political issue and the chief health concern of many Americans.
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Separately, Walgreens has agreed it will distribute over 30 branded products of Valeant, where generics are available and at generic prices. Among the more egregious examples, Valeant bought the life-saving heart drugs Nitropress and Isuprel in February, then tripled the price of one and raised the other sixfold. Valeant has denied the shortseller accusations and a board committee is investigating the Philidor situation. “We are pleased to announce both a strategic fulfillment agreement with Walgreens, as well as a new agreement to offer innovator products at generic prices, which is good for consumers, good for physicians and good for the healthcare system”.
