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Jim Cramer — Valeant Has Too Many 'What if's' Right Now By Jim Cramer | May 10, 2016 | 02:51 PM EDT

Would I invest in Valeant (VRX - Get Report) after Joe Papa discussed his plan to get the company stabilized and growing again, when I interviewed him on Mad Money? Papa, who has just arrived, didn't have enough meat on the bones of his plan, but he hasn't really had much of a chance to dig in yet.

But you have to wonder if there is enough that's investible, let alone justify any business plan, after drug price cuts and rollbacks, more research and development spend -- the average "real" pharma spends about five times what Valeant does on R&D -- and the debt payments on the more than $30 billion that's owed.

I wish I had more comfort about anything involving Valeant. I know, for example, that it did have free cash flow of almost $2 billion in fiscal year 2015. But let's say that it had to roll back prices on its most profitable drugs, something Joe suggested could happen. Then let's say he took the research and development budget up to where the major pharmaceutical companies have theirs. Then let's say that the large numbers of drugs that are about to go off-patent have generic challengers ready, so that the current pricing of non-roll-backed drugs can't be withstood.

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Then it is possible, totally back of the envelope -- which is about as good as anything...