Embattled Valeant Pharmaceuticals is slashing its expectations for the quarter and year and issuing a guarded outlook for next year as well.
Shares are already down more than 20 per cent for the year after the Canadian drugmaker cut ties with specialty pharmacy Philidor and its business model came under close scrutiny, both by industry analysts and Congress.
Valeant on Wednesday lowered its per-share profit expectations for the year from between $11.67 and $11.87, to between $10.23 and $10.33. That's well short of the $11.11 that Wall Street had projected, according to a survey of analysts by FactSet.
The drugmaker is lowering its outlook for this quarter from its previous per-share earnings of $4.00 to $4.20, to $2.55 to $2.65 a share. Analysts expected $3.47 per share.
The Associated Press