Valeant CEO takes medical leave

NEW YORK (AP) — Valeant Pharmaceuticals CEO J. Michael Pearson is taking a medical leave of absence after he was hospitalized with pneumonia last week.

Shares of the troubled Canadian pharmaceutical company fell 7 percent in premarket trading Monday.

Pearson’s leave comes two weeks after Valeant Pharmaceuticals International Inc. slashed its fourth-quarter financial predictions and issued a profit outlook for 2016 that was short of Wall Street’s estimate. Its sales have been hurt after ending a distribution arrangement with mail-order pharmacy Philidor, following scrutiny from Congress and the media.

Valeant says three executives will take over for Pearson in his absence.

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