 | Valeant Pharmaceuticals International, Inc. - VRX.t is a diverse pharmaceutical company that is committed to focusing on key stakeholders while delivering consistently high performance. The company offers a diverse product portfolio with focus on branded pharmaceuticals, branded generics and over-the-counter products. |  |
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Embattled Valeant Pharmaceuticals International Inc. offered up yet another disappointment to investors Tuesday as the company slashed its projected financial results for the year and fell short of expectations in its first-quarter earnings report. The stock sold off sharply in premarket trading.
The Laval, Que., company, which in the past few weeks has replaced its chief executive, overhauled most of its board of directors and faces a phalanx of investigations by an assortment of government authorities in the U.S., said it now expects to earn revenue of between $9.9-billion (U.S.) and $10.1-billion this year, down from its last forecast of at least $11-billion. Valeant also forecast it would earn “adjusted earnings per share” – a customized, non-GAAP measure used by the company – of no more than $7 per share this year, down from its previous forecast of between $8.50 and $9.50.
Valeant’s results for the first quarter also managed to disappoint. While the company’s $2.37-billion in revenue and adjusted EPS of $1.27 were within its range of guidance, they fell short of consensus analyst expectations of $2.38-billion and $1.36, respectively. The company posted a first quarter GAAP loss of $1.08 per share. The stock was down 17 per cent in premarket trading.
Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) ("Valeant" or the "Company") today announced that it expects to file its Form 10-Q for the quarter ended March 31, 2016 with the Securities and Exchange Commission and the Canadian Securities Regulators on or before June 10, 2016, well in advance of the July 31, 2016 deadline contemplated in the company's amended Credit Agreement. The Company will provide details regarding its conference call and live webcast to discuss first quarter 2016 financial results in due course. In addition, the Company expects that quarterly filings for the quarter ending June 30, 2016 and thereafter will be filed with the Securities and Exchange Commission and the Canadian Securities Regulators on a timely basis under the applicable rules.
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