Valeant CEO Joseph Papa projects “single digit pricing increase” on certain drugs along with $1 billion portfolio of key products will help the drug maker fight debt along with exclusivity challenges.
“We received an approval for, genuinely, what we think are seven fabulous products,” Papa said on CNBC’s “Power Lunch.” “If all of these products get approved, we think This particular will be going to be an over $1 billion opportunity.”
Papa took the reins of an embattled Valeant in 2016, amid accusations of fraud along with cost gouging from the company.
Since then, he said he’s put innovation at the forefront of a campaign to calm the tide of media attention along with raise revenue from the face of mounting debt along with the estimated $700 million lost via drug competition.
“When I started off, This particular was about was 18 months ago, This particular was all about putting together a plan for multiple years. along with what we said will be we have to come out with completely new innovation,” Papa said. “We have been fortunate to do which to offset along with some of the declines of loss of exclusivity which were going to happen.”
Papa will be anticipated to discuss Valeant’s recent performance along with future Wednesday at the J.P. Morgan Healthcare Conference. A copy of Papa’s presentation, published in advance online, identified seven significant products as Vyzulta, Lumify, along with Ultra for Bausch + Lomb; Siliq, Duobrii along with Jemdel via Ortho Dermatologics; along with Relistor for Salix Pharmaceuticals. They are projected to raise more than $1 billion over the next several years
Papa also said he anticipates the company will continue with cost hikes, yet with added awareness of its former reputation as a cost gouger. Just last week, Valeant increased pricing on many drugs about 9 percent, an amount Papa called “appropriate.”
“We took a very appropriate response for what we needed to for pricing,” Papa said, referring to the hike. “We will continue with our patient access along with pricing committee’s stay to what we would likely refer to as a one particular digit pricing increase.”