Joe Papa on Tuesday made his latest attempt to convince investors that Valeant Pharmaceuticals (VRX) is not the troubled company it was about eight months ago, before he began calling the shots.
"We've done a lot of M&A in the past," the CEO said during a presentation titled "The New Valeant" at the 35th Annual J.P. Morgan Healthcare Conference. "That's not going to be something we're looking at in the future."
Papa, who joined Valeant after resigning from all roles at Perrigo (PRGO) , touted that the Canadian drugmaker has made good on the various commitments promised to investors in August, including streamlining its portfolio via divestitures, stabilizing its sales force, paying down debt and reshaping the company's leadership team.
Regarding growth of internal assets in 2017, Papa indicated that the pharmaceutical company would concentrate on specialty-driven markets including dermatology, eye care and gastrointestinal, or GI.
Other potential catalysts for Valeant include new product launches and growth in China and Japan, an area in which the company is gaining momentum, Papa said, with plans such as reentering the cosmetic lens segment in Japan.
The CEO also acknowledged that the estimated impact on Valeant's pending loss of exclusivity of U.S. diversified products in 2016 and 2017 totals about $800 million.
In a final effort to distance Valeant from the problems inherited from its previous management team, Papa ended his presentation with a slide titled "Fact v. Fiction" -- asserting, among other things, that the company has a strong R&D program despite public perception.