Photo: Getty Images

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.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events.
  • Access to other award-winning ALM websites including and

Already have an account?



Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including and
  • Exclusive discounts on and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.