Valeant to file quarterly report by June 10, reiterates forecast

Mon May 9, 2016 12:42pm EDT
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By Ankur Banerjee and Allison Lampert

(Reuters) - Valeant Pharmaceuticals International Inc (VRX.TO: Quote) (VRX.N: Quote) said on Monday it expected to file its first-quarter report with U.S. and Canadian regulators on or before June 10, ahead of a July 31 deadline, and reiterated its first-quarter forecasts.

Embattled Valeant filed its 2015 financial report last month, allaying concerns about a possible default on the company's debt of more than $30 billion.

The company missed an original March 15 deadline to file its annual report, citing an in-house review of its accounting practices. The probe found problems dating back to 2014.

Valeant, whose U.S. shares were down 3 percent in afternoon trading, also said on Monday it expected filings for the second quarter ending June 30 and thereafter to be filed on time.

The Laval, Quebec-based company, which also reiterated its first-quarter revenue and adjusted earnings forecasts, is under scrutiny from the U.S. Congress, prosecutors and regulators over its drug pricing, business practices and accounting.

Valeant said in March that it expected first-quarter adjusted earnings of $1.30-$1.55 per share and revenue to be in the range of $2.3 billion-$2.4 billion.

Analysts on average expect earnings of $1.36 per share and revenue of $2.36 billion, according to Thomson Reuters I/B/E/S.

The drugmaker said last month that Joseph Papa, former chief executive of Perrigo Co Plc (PRGO.N: Quote), would replace Michael Pearson as CEO.   Continued...

The headquarters of Valeant Pharmaceuticals International Inc is seen in Laval, Quebec in this file picture taken November 9, 2015.   REUTERS/Christinne Muschi/Files