Valeant's Pearson regrets drug pricing decisions

On Wednesday, Valeant Pharmaceuticals International Inc. (TSX:VRX; NYSE:VRX) CEO Michael Pearson testified before the U.S. Senate Committee on Aging as part of the committee's drug pricing investigation. Pearson said the company was "too aggressive" in pursuing price increases on some of its drugs.

"Let me state plainly that it was a mistake to pursue, and in hindsight I regret pursuing, transactions where a central premise was a planned increase in the prices of the medicines, such as our acquisition of Nitropress and Isuprel from Marathon Pharmaceuticals," Pearson said. He added Valeant expects to spend more than $1 billion on patient assistance programs this year. ...