Concordia reports $1.3B loss after taking $1.1B write-off on pressured generics

Fierce Pharma ------- Like its Canadian peer and model, Valeant, 2016 was an ugly year for Concordia International. The Ontario-based drugmaker today reported a $1.3 billion loss — $25.76 per share—on $816 million in revenue after taking a $1.1 billion impairment charge, mostly on products that are no longer paying off so well. Concordia reported its fourth-quarter revenue of $170.4 million was down 13% in the U.S and off 8.1% overall. New CEO Allan Oberman said headwinds — which includes inquiries in the U.S. and the U.K. — “have necessitated a reassessment of our business model” for Concordia, a model that oft been said to mimic that of Valeant Pharmaceuticals because of its price hikes, rampant M&A and large debt load. He then laid out a five-point plan he said would get the drugmaker back on track. That includes tightening up its financial and management operations, expanding its product portfolio and developing a comprehensive long-term growth strategy with a consultant. To learn more click on the picture below to read the article.