November 8, 2016 / 11:12 AM / a year ago

Valeant posts 11 pct fall in revenue; cuts FY forecast

Nov 8 (Reuters) - Valeant Pharmaceuticals International Inc

reported an 11 percent fall in quarterly revenue due to faltering sales, and cut its full-year profit and revenue forecasts.

Valeant’s U.S.-listed shares tumbled more than 10 percent in premarket trading on Tuesday.

The company said it expects 2016 total revenue of $9.55 billion-$9.65 billion, down from its previous forecast of $9.9 billion-$10.1 billion.

Valeant said it expected adjusted earnings of $5.30-$5.50 per share, compared with its previous forecast of $6.60-$7.00.

The company recorded a net loss attributable to Valeant of $1.22 billion, or $3.49 per share, in the quarter ended Sept. 30, compared with a profit of $49.5 million, or 14 cents per share, a year earlier.

The company took a goodwill impairment charge of $1.05 billion in the latest quarter.

Revenue fell to $2.48 billion from $2.79 billion.

Valeant, which has debt of more than $30 billion, said last week it was in talks with third parties to sell its Salix stomach-drug business and other assets. (Reporting by Ankur Banerjee in Bengaluru; Editing by Saumyadeb Chakrabarty)

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