Wall Street can't figure out how to value Valeant

Valeant Pharmaceuticals International business cards are displayed in the lobby of company's headquarters in Mississauga, Ontario, Canada.
Norm Betts | Bloomberg | Getty Images

Valeant shares are down almost 60 percent from early August highs and down 35 percent over the past 10 days on questions concerning its drug pricing business model, use of specialty pharmaceutical distribution through Philidor and allegations of channel stuffing by Citron Research.

Management held a conference call Monday morning for Wall Street as it sought to defend itself from the recent allegations.

Despite the 73-minute briefing, analysts were still left with more questions than answers about how to value Valeant's stock, which remains one of the top holdings among hedge funds.