UPDATE 2-Valeant shares dive after reduced sales forecast, loss
* 3rd-qtr net loss $2.92/shr vs profit 2 cents/shr year ago
* CFO: Small, cash-based acquisitions likely in near term (Adds company comments on outlook, M&A, analyst comment)
By Rod Nickel and Sayantani Ghosh
Oct 31 (Reuters) - Valeant Pharmaceuticals International Inc , Canada's biggest publicly traded drugmaker, posted a quarterly net loss on Thursday after restructuring and impairment charges, and cut its full-year revenue outlook.
Valeant shares fell 4.6 percent to $104.02 in U.S. trading, and 5 percent to C$108.73 in Toronto action, hitting one-month lows. U.S.-listed shares are up about 74 percent in 2013.
The company, which bought contact lens maker Bausch & Lomb in August for $8.7 billion, said it expects full-year revenue of $5.7 billion to $5.9 billion, down from its earlier forecast of $5.8 billion to $6.2 billion.
The lower forecast reflected the early launch in August of generic competition for its dermatology product Retin-A Micro, unfavorable foreign exchange fluctuations and slower sales of Bausch & Lomb surgical equipment, Chief Financial Officer Howard Schiller said.
Valeant also tightened its full-year adjusted profit range to between $6.11-$6.16 per share from a prior estimate of $6.00-$6.20 per share.
The lowered earnings outlook was not as negative as it appeared, since it would have increased if not for the early generic competition for Retin-A and currency factors, J.P. Morgan analyst Chris Schott said in a note to clients. Continued...