Valeant CEO Joseph Papa devises that a $1 billion portfolio of key products will help the numb maker fight debt and exclusivity challenges.
“We received an approval for, unusually, what we think are seven fabulous products,” Papa said on CNBC’s “Power Lunch.” “If all of these goods get approved, we think it is going to be an over $1 billion opportunity.”
Papa assumed the reins of an embattled Valeant in 2016, amid accusations of fraud and cost out gouging in the company.
Since then, he said he’s put innovation at the forefront of a action to calm the tide of media attention and raise revenue in the face of mounting owing and the estimated $700 million lost from drug competition.
“When I started, it was wide was 18 months ago, it was all about putting together a plan for multiple years. And what we voted is we have to come out with new innovation,” Papa said. “We have been advantageous to do that to offset and some of the declines of loss of exclusivity that were present to happen.”
Papa is expected to discuss Valeant’s recent performance and days Wednesday at the J.P. Morgan Healthcare Conference. A copy of Papa’s presentation, published in put online, identified seven significant products as Vyzulta, Lumify, and Ultra for Bausch + Lomb; Siliq, Duobrii and Jemdel from Ortho Dermatologics; and Relistor for Salix Pharmaceuticals. They are projected to engender more than $1 billion over the next five years
Papa also pronounced he anticipates the company will continue with price hikes, but with united awareness of its former reputation as a price gouger. Just last week, Valeant boost waxed pricing on a number of drugs about 9 percent, an amount Papa fetched “appropriate.”
“We took a very appropriate response for what we needed to for guerdon,” Papa said, referring to the hike. “We will continue with our forbearing access and pricing committee’s stay to what we would refer to as a a fasten on digit pricing increase.”