The interim CEO of Valeant Pharmaceuticals says a long-term partnership with U.S. drug store chain Walgreens is among initiatives that will help restore faith in the embattled drugmaker.
Howard Schiller told a J.P. Morgan health-care conference in San Francisco that the Quebec-based company is committed to delivering strong results and steady growth.
“We are going to regain your trust and confidence and soon we’ll be talking about the fundamentals of this business instead of some of the other challenges we’ve had recently,” he said during a webcast of the conference.
Read: Valeant cuts earnings expectations, issues guarded outlook
Schiller, the company’s former chief financial officer, was appointed last week as interim CEO while Michael Pearson is on medical leave recovering from acute pneumonia.
Schiller said the company will roll out a 20-year partnership with Walgreens on Friday that aims to reduce drug prices and cut health-care system costs.
A deal was reached with Walgreens late last year after Valeant severed its previously undisclosed relationship with Philidor Rx Services, a U.S. mail-order pharmacy.
The Walgreens program will launched with dermatology drugs, followed soon after with ophthalmology products and the female libido drug Addyi. A program to offer about 30 branded drugs at generic prices will be added mid-year.
Valeant also hopes to add independent U.S. retailers to the program and is exploring similar options in other countries.
In November 2015, a U.S. judge refused to dismiss an insider trading lawsuit filed by two pension funds against the company and hedge fund manager Bill Ackman over their activities before last year’s failed attempt to acquire Botox-maker Allergan.
Read: Valent faces insider trading lawsuit filed by pension funds