Valeant Pharmaceuticals CEO Joseph Papa expects "single digit pricing [increases]" for key drugs and a portfolio of new drugs will bolster the company's growth, CNBC reported Tuesday.
"We received an approval for, really, what we think are seven fabulous products," Papa stated, adding "if all of these products get approved, we think it is going to be an over $1 billion opportunity."
The seven identified products are Vyzulta, Lumify and Ultra for Valeant's Bausch + Lomb unit, Siliq, Duobrii and Jemdel for the company's Ortho Dermatologics subsidiary and Relistor for its Salix Pharmaceuticals unit.
Papa joined the company in 2016 amid allegations of fraud and price gouging.
"When I started, it was about was 18 months ago, it was all about putting together a plan for multiple years," Papa explained, continuing "and what we said is we have to come out with new innovation. We have been fortunate to do that to offset and some of the declines of loss of exclusivity that were going to happen."
"We took a very appropriate response for what we needed to for pricing," Papa noted, adding "we will continue with our patient access and pricing committee's stay to what we would refer to as a single digit pricing increase."
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