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The
Canadian drugmaker, which is under scrutiny for its business and
accounting practices, said on Tuesday total 2016 revenue is
expected to be $11.0 billion-$11.2 billion, compared with its
previous estimate of $12.5 billion-$12.7 billion.
The company originally provided its 2016 forecast in December,
but withdrew it on Feb. 29 when Chief Executive Michael Pearson
returned from two months medical leave.
Valeant said in a regulatory filing that 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.
The company, whose U.S-listed shares were down about 8 percent
in premarket trading, said preliminary fourth-quarter revenue
was $2.8 billion, mainly hurt by weaker-than-expected sales in
its gastrointestinal business.
Valeant reported adjusted earnings of $2.50 per share, compared
with the average analyst estimate of $2.61.
The company said it expected adjusted earnings of $9.50-$10.50
per share for 2016, compared with its previous estimate of
$13.25-$13.75 per share.
Analysts on average were expecting earnings of $13.24 per share
on revenue of $12.41 billion, according to the Thomson Reuters
I/B/E/S.
(Reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj
Kalluvila)
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