Valeant Pharmaceuticals Intl Inc Down As House Attacks Drug Hikes

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Valeant Pharmaceuticals Intl Inc Down As House Attacks Drug Hikes

Ahead of Congressional drug pricing hearing later this week, Democratic Members of Oversight Committee posted a public letter detailing their concerns over Valeant Pharmaceuticalst’s pricing strategy (the committee used many internal documents from the company). Basically, Valeant Pharmaceuticals was accused of setting revenue goals and if the goals were not going to be met drug prices would be hiked in order to hit the goal, in some cases as high as 800%. The stock was down 4.37% on the day in reaction to the news, closing at 91.65 in NYSE trading.

Earlier this week there was other Valeant Pharmaceuticals news involving Hillary Clinton.

SIG notes:

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