Valeant Pharma (VRX) Files Presentation on Philidor; Says No Evidence of Illegal Activity To-Date

Valeant Pharma (NYSE: VRX) filed a presentation related to its conference call on Philidor today. The presentation is embedded below and the following are some highlights from the document:

• Says it has no right to remove CEO and management of Philidor.
• No senior executives, nor board members own a stake in Philidor
• The company hasn't lent any money to Philidor owners.
• The company has the right, but no obligation, to name an advisor to the Philidor CEO
• The company said it recognizes revenue only when products are dispensed
• Third party revenue not recognized when shipped to Philidor
• Revenue recognized and recorded at net realized price
• No evidence of illegal activity at Philidor to-date

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