Valeant Pharmaceuticals International Inc.’s embattled Chief Executive Officer Mike Pearson took a step to reassure his employees on Wednesday, saying in a memo to workers that the company won’t go bankrupt and apologizing for the recent turmoil.

The drugmaker’s shares plunged 51 percent on Tuesday after Valeant cut its 2016 forecast, reported weak preliminary fourth-quarter financial results and said it risked breaching some of its debt agreements if it can’t file its annual report in time. Pearson, who apologized for the company’s missteps during a two-hour conference call with analysts on Tuesday, had just returned from a two-month medical leave.

Responding to concerns raised by employees that the company was on the verge of bankruptcy, he said “I can assure you we are not,” according to the e-mailed memo to employees viewed by Bloomberg News. At issue is the delayed filing of Valeant’s 10-K annual report to the U.S. Securities and Exchange Commission. Missing that deadline can result in a default on some of the company’s bonds and loans.