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Ackman: Valeant Made Some Mistakes, But It's Not A Sewer

Ackman: Valeant Made Some Mistakes, But It's Not A Sewer

Valeant Pharmaceuticals Intl Inc (NYSE: VRX) has become one of the most talked about companies on Wall Street given its policy of drug pricing.

Activist investor, major Valeant shareholder and board member was a guest on CNBC to discuss the companies past, present and future.

Ackman was asked to respond to Charlie Munger's comments that Valeant is a "sewer" company.

Related Link: Warren Buffett And Charlie Munger Agree: Valeant Was A 'Sewer' And 'Enormously Flawed'

Ackman responded that Valeant has already "made a lot of changes" in the past few weeks, specifically the naming of Joe Papa as CEO. The activist investor also acknowledged that the company has made "some mistakes."

However, Ackman continued to say that Munger was "wrong to indite an entire company on the basis of a few mistakes." He said the company boasts 22,000 employees and its ex-CEO Mike Pearson has since left the firm.

Shares of Valeant were trading lower by more than 4 percent at $31.91 early Monday afternoon.

Posted-In: Bill Ackman Charlie Munger CNBC Joe Papa ValeantHealth Care Media General Best of Benzinga


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