Valeant cuts 2016 revenue forecast

Tue Mar 15, 2016 6:17am EDT
 
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March 15 (Reuters) - Valeant Pharmaceuticals International Inc cut it revenue forecast for the year, due to slower growth in its U.S. dermatology, gastrointestinal and woman's health businesses.

Total revenue is expected to be $11.0 billion-$11.2 billion, compared with its previous estimate of $12.5 billion-$12.7 billion, Valeant said on Tuesday.

Valeant, under scrutiny for its business and accounting practices, said preliminary fourth-quarter revenue was $2.8 billion, hurt by softer-than-expected sales in its gastrointestinal business.

The company, originally scheduled to report its fourth-quarter results on Feb. 29, delayed the announcement and withdrew its 2016 guidance after Chief Executive Michael Pearson returned to office two months after he was hospitalized for pneumonia. (Reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila)