Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Valeant Pharmaceuticals cuts forecasts again

Tuesday, November 8, 2016 8:57
% of readers think this story is Fact. Add your two cents.

Valeant Pharmaceuticals International Inc (NYSE:VRX) slumped again as it warned its recovery was taking longer than expected.

The embattled Canadian drug group posted a third quarter net loss of US$1.22bn and indicated 2017 might be another ‘down year’ as it downgraded forecasts for 2016.

Valeant has been dogged by price scandals and boardroom upheaval but blamed the figures this time on generic competition to heart drug Nitropress and a write-down in the for sale Salix business.

The Canadian firm now expects adjusted 2016 earnings of US$5.30 to US$5.50 a share on US$9.55bn to US$9.65bn in sales for the year compared to $6.60 to $7 a share and $9.9bn and $10.1bn predicted in June.

Valeant is reportedly on the verge of selling Salix to Japan’s Takeda for US$10bn.

Revenue in the latest quarter fell 11% to $2.48 bn. The company is about US$30bn in debt.

Shares fell 20% to US$15.39.

Story by ProactiveInvestors


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global


Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.