“(Valeant’s) first-quarter results reflect, in part, the impact of significant disruption this organization has faced over the past nine months”
Valeant Pharmaceuticals International Inc. cut its 2016 profit forecast as new Chief Executive Officer Joseph Papa starts his attempt to turn around the embattled drugmaker. The shares plummeted in early trading.
Earnings will be US$6.60 to US$7 a share, excluding some items, the company said in a statement Tuesday. In March, under former CEO Michael Pearson, Valeant anticipated US$8.50 to US$9.50. Analysts were predicting earnings of US$8.49, the average of estimates compiled by Bloomberg. In the first quarter, earnings of US$1.27 missed analysts’ predictions by 10 cents.
Read the full article at: business.financialpost.com
