Debt-ridden pharmaceutical company Valeant secured an industry veteran as its new chief executive earlier this week — an appointment investors are hoping will enable the company's turnaround.
It won't work, a Wells Fargo analyst said.
Valeant, whose stock price has plunged 65 percent over the last year amid probes into its drug pricing, is too mired in debt to make a full recovery, analyst David Maris said on CNBC's "Halftime Report" on Wednesday.
"A new captain might sound great, but it's the ship that matters," Maris said.
"We see the business remains weak, and the pricing strategy that they've tried to use for the last few years — that game is up."