Philidor closure will particularly hit dermatology business, says Valeant CEO

Michael Pearson, chief executive of Valeant Pharmaceutical International (NYSE: VRX), warned that the company’s decision to cut ties with its pharmacy partner Philidor would have a negative impact on its dermatology business.

He said that Valeant, which garners almost a fifth of its revenue from dermatology, is working on better relationships with insurers and to establish patient access. Mr Pearson said: "The past few weeks have been a painful learning experience for me personally, and I know it has been painful for many of you as well.”