Valeant Shares Plunge as It Slashes Guidance Again
Source: Wall Street Journal
Valeant Pharmaceuticals International Inc. cut its annual outlook again Tuesday as the drug company, struggling to remake its business after a series of missteps, signaled its turnaround may take longer than expected. Shares of the company tumbled 25% to $14.42, the stock’s lowest point in six years. In the third quarter, the Canada-based company posted a $1.22 billion loss and wrote down the value of the Salix stomach-drugs business it is reportedly trying to sell. It also said health regulators delayed a decision on approving an experimental psoriasis drug and issued a warning letter for the company’s Rochester, N.Y., site.