NEW YORK, March 15 (Reuters) - Valeant Pharmaceuticals (NYSE:VRX)
International VRX.TO Chief Executive Officer Michael Pearson (LON:PSON)
said on Tuesday that the company's business is "not operating on
all cylinders" but that it is addressing lower growth and will
work with banks as it nears a technical default.
Pearson, in his first address to investors since returning
to the helm of the company, said that the first quarter fell
short as dermatology and opthalmology prescriptions had lower
than expected demand.
It also had negative impact from foreign exchange and
changed the way it accounts for taxes.
The company said it plans to pay down $1.7 billion in debt
this year. It will start working with banks next week it said as
it trips debt covenants by missing a filing deadline with
regulators of today for its annual report.