Valeant Sees Sunshine On Cloudy Day, But Dermatology Recovery Just Starting

 
• By Joseph Haas
  
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The Bausch & Lomb and Salix units are gaining sales momentum, execs said, while debt-reduction efforts remain ahead of schedule. They offered no excuses for a declining dermatology franchise, however.

Business teamwork puzzle pieces.

Valeant Pharmaceuticals International Inc. executives strived to accentuate the positive during a second quarter earnings call Aug. 8 and investors didn't completely reject the argument, as the troubled company's stock closed the trading day up nearly 2%. However, to buy into the good news, one must accept Valeant's assurances that it can turn around a struggling dermatology franchise and that ahead-of-schedule debt reduction efforts will enable it to regain overall footing before a heavy debt crunch in 2020-21.

CEO Joseph Papa characterized Valeant's path to recovery from a mountain of debt, legal troubles and patent expirations as one...

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