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New CEO kitchen-sinks Valeant hangover

Breakingviews
Richard Beales
Joseph Papa, CEO of Valeant
CNBC

Joseph Papa has been busy. The new chief executive of Valeant Pharmaceuticals International went big with bad news on Tuesday, reporting weaker-than-expected first-quarter results and once again cutting the troubled drugmaker's full-year financial guidance. Part of it is the hangover of the recent debacles under former CEO Michael Pearson. The rest surely stems from the time-honored tradition of new bosses throwing in the kitchen sink.

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