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Valeant Statement on Seconal

March 23, 2016

Seconal sodium is indicated for short-term insomnia, epilepsy, and pre-operative anesthesia. If it is being prescribed for off-label uses, it is not something for which the product is manufactured or intended.

The price increase for the drug occurred shortly after Valeant acquired it, and months before California’s assisted suicide law passed. The suggestion that Valeant raised the price to take advantage of a law that had not yet passed, for a use for which the drug is not even indicated, defies common sense.

Valeant has sold only about 1000 units of Seconal since acquiring it in February, 2015. We do not actively promote the drug, and expect less than $3 million in total sales for it in 2016. We do not offer a patient assistance program for Seconal, which is intended only for short-term use. The coupon that has been posted online is not a Valeant coupon.

Valeant sets prices for drugs based on a number of factors, including the cost of the development or acquisition of a drug, the availability of substitutes or generics, and the benefits it offers versus alternative treatments that might be more costly. As we have said, going forward, while we will from time to time raise prices, we expect those price increases to be much more modest and within industry norms.

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