Valeant may restate earnings after second look at Philidor

Valeant Pharmaceuticals shares are rising Tuesday after the beleaguered drug company said it will delay the filing of its annual report with regulators while it sorts out its former relationship with the drug distributor Philidor.
Valeant said it expects to lower reported 2014 earnings by about 10 cents per share and raise 2015 earnings by about 9 cents because about $58 million in sales to Philidor were improperly recognized. The Canadian company said the sales should have been recognized when