Arguably, no company has been a bigger disappointment for investors since the summer of 2015 than drugmaker Valeant Pharmaceuticals (NYSE:VRX), and that’s a pretty bold statement considering that some companies seem to be spiraling out of control (ahem, Sears Holdings).
Valeant has come under fire for its drug-pricing practices for older drugs, has been embroiled in legal woes tied to its subsidiary drug distributor Philidor Rx Services, is buried under $30 billion in debt, and has witnessed its core business struggle with double-digit percentage sales declines. Since peaking at $264 per share in the summer of 2015, Valeant has lost about 94% of its value. In market cap terms, Valeant’s plunge has erased about $85 billion.