Valeant shares drop as CEO returns, cancels earnings report

The timing of the return of CEO Michael Pearson had been unknown after suffering from severe pneumonia, and there was speculation on Wall Street on whether he would return at all. The full outcome of its board investigation into the relationship with pharmacy Philidor RX Services, now terminated, is still unknown. Investors have questioned how the company will regain sales of many dermatological products that Philidor sold, and do not know the terms of a new distribution agreement with Walgreens