Valeant Pharmaceuticals International, the drugmaker battered by scandals and questions about sales, said its chief executive officer spent Christmas in a hospital being treated for "severe" pneumonia.
J Michael Pearson, 56, was admitted recently and is receiving treatment, company spokeswoman Laurie Little said by e-mail. She declined to elaborate.
"We wish him a speedy recovery and look forward to him returning to work when he is feeling better," Little said in a statement. "We will be respecting Mike and his family's privacy during this time and will provide further details on his condition as appropriate."
Pearson promised shareholders to provide more transparent data about Valeant's business, including sales figures for its top 30 drugs. But his tone was more defiant than apologetic when discussing the company's strategy, which has drawn scrutiny from lawmakers and investors for its use of mail-order pharmacies, price increases and acquisitions for growth.
Pearson had been working recently to win back investors' trust. He reached a deal with Walgreens Boots Alliance to sell Valeant drugs in the drugstore chain's pharmacies at a discount.
Hedge funds crowded into Valeant and have been punished for it as the drugmaker's stock plunged this year.
J Michael Pearson, 56, was admitted recently and is receiving treatment, company spokeswoman Laurie Little said by e-mail. She declined to elaborate.
"We wish him a speedy recovery and look forward to him returning to work when he is feeling better," Little said in a statement. "We will be respecting Mike and his family's privacy during this time and will provide further details on his condition as appropriate."
More From This Section
Last week, Pearson urged investors to look past the concerns that have sent the stock of the Laval, Quebec-based company down 57 percent from its August peak this year and said they should focus on products that will grow beyond current expectations.
Pearson promised shareholders to provide more transparent data about Valeant's business, including sales figures for its top 30 drugs. But his tone was more defiant than apologetic when discussing the company's strategy, which has drawn scrutiny from lawmakers and investors for its use of mail-order pharmacies, price increases and acquisitions for growth.
Pearson had been working recently to win back investors' trust. He reached a deal with Walgreens Boots Alliance to sell Valeant drugs in the drugstore chain's pharmacies at a discount.
Hedge funds crowded into Valeant and have been punished for it as the drugmaker's stock plunged this year.