Valeant CEO Mike Pearson’s health improving, but board reportedly debating his return

Valeant Pharmaceuticals International Inc. Ceo Mike Pearson’s health is improving, a business spokeswoman said Thursday, although he remains on medical leave.

Former Chief Financial Officer Howard Schiller is still acting as interim CEO, said Laurie Little, the spokeswoman.

Pearson was hospitalized at the end of December with severe pneumonia. At that time, he was trying to regain investors’ trust after the company received fire because of its price rises and a controversial relationship having a mail-order pharmacy. “Some unexpected complications resulted in an extended stay in hospital than anticipated,” Pearson, 56, wrote in a Jan. 25 memo to employees, saying he looked forward to “being back at the office when able.”

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CNBC, citing a resource, reported that there was debate within the board over whether he was prepared to return to work.

Valeant, facing intense scrutiny over its soaring drug prices and distribution practices, has lost a lot more than two-thirds of their market price since its August peak of US$262.52. The stock fell under 1 per cent to US$83.06 at 10:06 a.m. on Thursday.

The drugmaker now said hello intends to restate some past earnings after a board committee found that US$58 million in sales recognized in 2014 must have been booked in later periods. It intends to report fourth-quarter results on Monday.

Bloomberg News, with files from Reuters