UPDATE 6-Valeant CEO cuts outlook for 'distracted' company, shares plunge

Tue Jun 7, 2016 6:12pm EDT
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* Cuts full-year adj earnings forecast to $6.60-$7.00/share

* Dermatology business revenue falls 43 percent in 1st qtr

* Shares close down 14.6 pct

* Files its quarterly report (Adds details about quarterly report, updates shares)

By Amrutha Penumudi and Rod Nickel

June 7 Reuters) - Valeant Pharmaceuticals International Inc slashed its 2016 forecasts on Tuesday, as its new chief executive said he would focus on rebuilding the reputation of a "distracted organization" with a debt-loaded balance sheet.

The maker of toenail fungus cream Jublia and anti-depressant drug Wellbutrin, which has faced intense scrutiny for business and accounting practices, missed first-quarter profit estimates on weakness in its dermatology business.

The Laval, Quebec-based drugmaker expects full-year adjusted earnings of $6.60-$7.00 per share, compared with its previous forecast of $8.50-$9.50, and revenue of $9.9 billion-$10.1 billion, down from $11.0 billion-$11.2 billion.

The Canadian drugmaker's U.S.-listed shares slumped to close down 14.6 percent to $24.64, paring earlier losses of as much as 22 percent.   Continued...