Valeant posts 4th-qtr loss and revenues downturn

Canada’s Valeant Pharmaceuticals International (TSX: VRX) has released fourth-quarter and full-year 2016 results, showing that revenue fell 12.9% to $2.40 billion for the quarter, but exceeded the averageanalysts' expectation of $2.33 billion.

Net loss for the quarter was $515 million as compared to a net loss of $385 million in the fourth quarter of 2015, an increase of 33.8%. In addition to the increase in operating loss of $17 million, the increase in Net loss was primarily driven by increases in interest expense of $34 million, foreign exchange loss and other of $43 million, and provisions for income taxes of $33 million.

Excluding items, Valeant earned $1.26 per share, beating analysts' average estimate of $1.19, according to Thomson Reuters. The company’s shares were down nearly 10% at $15.05 by mid-morning trading.