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REFILE-Valeant to restate results after Philidor review

Published 2016-02-22, 10:46 p/m
© Reuters.  REFILE-Valeant to restate results after Philidor review
BHC
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(Corrects date in dateline)
Feb 22 (Reuters) - Valeant Pharmaceuticals International Inc (N:VRX)
VRX.TO said it would restate its financial results for 2014
and 2015 after identifying some sales to Philidor that should
have been recognized when products were dispensed to patients.
The company said the restatement will reduce its reported
2014 GAAP earnings by about 10 cents per share and increase 2015
GAAP earnings by about 9 cents per share.
Valeant cut ties with specialty pharmacy Philidor Rx
Services in October after it was revealed Philidor used
aggressive tactics to try to increase insurer reimbursement,
mostly for dermatology drugs to help the Canadian drugmaker
inflate revenue.

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