Valeant Pharmaceuticals International is facing no less than six investigations into the company’s practices yet has not set aside any money for potential fines or settlements.

“We have not set aside any funds for any settlements or anything like that,” said Valeant CEO Joseph Papa in a telephone interview with BNN.  “I don’t want to speculate on any magnitude of any fine,” he added, “my sense of these types of issues…it will be several years off [before a resolution] based on what I’ve seen on a normal track record.”

Valeant shares tumbled on Thursday after The Wall Street Journal reported U.S. federal prosecutors are probing whether it defrauded insurers by masking its relations with now-defunct specialty pharmacy Philidor. 

With US$30 billion in debt hanging over Valeant, there is some concern about the company’s ability to manage debt repayment as well as fines or settlements.  “It is not possible for us to know how this investigation will turn or if charges will be pursued,” cautioned David Maris, analyst at Wells Fargo, in a report to clients.  “[However] we believe that with Valeant having such high debt, the impact of financial or commercial penalties is high.” Maris has an underperform rating on the stock.

“We do have significant debt,” Papa acknowledged, “but we are making some progress.” Valeant has paid down US$1.7 billion in debt so far in 2016.

The drugmaker is not offering any insight into the magnitude or the likelihood of fines stemming from the half dozen investigations, while Mizuho Analyst Irina Koffler estimates damages could reach US$1 billion.

“We don’t have any comments on probability,” said Papa, “we know there are some issues out there and we are going to work and cooperate fully.”

The company is also relying on asset sales of non-core businesses to help shore up its balance sheet. “We have looked at core both from product point of view and from a geography point of view,” said Papa. In fact, he said, Valeant has received expressions of interest for non-core geographies.  He would not elaborate on which regions specifically.

Despite ongoing investigations and negotiations with creditors, Papa said he spends most of his time focusing on the business operations.

“Our mission is to improve people’s lives though our healthcare products,” he said, “that’s where I am spending the majority of my time.”