Valeant Pharmaceuticals International filed its overdue annual report. The filing 10- had been delayed as Valeant sorted out its financials after an internal investigation.
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Valeant offered new information about ongoing Justice Department investigations and disclosed new state investigations. Two probes by districts in Massachusetts and the Southern District of New York relate to matters including its patient assistance program, former relationship with the specialty pharmacy Philidor Rx Services and its accounting treatment of sales to specialty pharmacies.
The company said the investigations also focus on financial support provided by Valeant for patients, its distribution of products and information provided to the Centers for Medicare and Medicaid Services.
The company also disclosed in the filing that it is under investigation by the states of North Carolina and New Jersey.
The company identified misstatements that would reduce previously-reported fiscal year 2014 revenue by approximately $58 million, net income attributable to Valeant by approximately $33 million, and basic and diluted earnings per share by $0.09.
This compares to the previously-reported amounts of $8,264 million for revenue, $914 million for net income attributable to Valeant and $2.72 and $2.67 for basic and diluted earnings per share respectively.
The audited financial statements estate results for the year ended December 31, 2014, the three months ended December 31, 2014, the three months ended March 31, 2015, the six months ended June 30, 2015, and the nine months ended Sepember 30, 2015.
The company said it also identified misstatements in the first quarter of 2015, consisting primarily of the reversing effect on earnings of the 2014 misstatements, which reduce revenue by about $21 million, increase net income by about $24 million and increase earnings by about 7 cents a share.
The company had previously reported first-quarter earnings of $74 million, or 21 cents a share, on revenue of $2.19 billion. ■