BUZZ-Valeant Pharmaceuticals: Set to open lowest in 3 years

Tue Mar 15, 2016 7:43am EDT
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** Beleagured Canadian drugmaker's U.S.-listed shares down 17 pct at $57.27 premarket, set to open at their lowest in a little over three years

** Valeant cuts its revenue forecast for the year by about 12 percent, or $1.5 billion, citing slower growth in its U.S. dermatology, gastrointestinal and women's health businesses

** The company originally provided its 2016 forecast in December, but withdrew it on Feb. 29 when Chief Executive Michael Pearson returned from medical leave

** Valeant said if it did not file its annual report by Tuesday, it would be in breach of a reporting covenant and holders of at least 25 percent of any series of notes may deliver a notice of default

** Earlier this month, the company announced the resignation of a key executive, Deb Jorn, who was in charge of the company's U.S. gastrointestinal and dermatology businesses, which accounted for about a third of Valeant's third-quarter sales.

** Up to Monday's close, stock has lost nearly a third of its value since beginning of 2016