After buoyant 3rd qtr, Valeant disappoints with weak full year result

After a strong third quarter in which Valeant Pharmaceuticals (TSX: VRX) chipped away at its worryingly large debt mountain and posted strong profits courtesy of a one-off tax benefit, the Canadian drugmaker has disappointed investors with a less encouraging full year report.

The firm posted revenues just shy of analysts’ expectations at $8.7 billion, with net income of $2.4 billion, following generally accepted accounting principles (GAAP). In 2016, the firm reported revenues almost a billion dollars higher.

GAAP-earnings per share for the full year of 2017 was $6.83, as compared to -$6.94 for the full year of 2016.