NEW YORK (Standard&Poor's) Feb. 23, 2016--Standard&Poor's Ratings Services said today that the expected corrections to financial misstatements disclosed by Valeant Pharmaceuticals International Inc. and the company's plan to delay filing its 2015 10-K do not affect its ratings or outlook on the company. The misstatements relate to recognition of $58 million of Valeant sales to distributor Philidor in 2014, which should not have been recognized until the point of sale by Philidor to the end customer. These sales occurred prior to Valeant's entering into a financial option to acquire Philidor. We don't view these misstatements as material. We view the recent comments and plans for intensified scrutiny from pharmacy benefit managers (PBMs) Express Scripts Holding Co.
