Valeant rockets by 25% despite missing estimates

Canada-based drugmaker Valeant Pharmaceuticals International's (TSX: VRX) share price soared by more than a quarter on Tuesday – despite missing analyst predictions in its quarterly results

Valeant posted $2.42 billion in revenue for its 2nd-qtr 2016 results, which is 11% down on the same period in 2015 and short of Wall Street estimates of $2.47 million. Earnings per share (EPS) of $1.40 were also below predicted levels of $1.47. Net loss for the quarter was $302 million, compared to a loss of $53 million a year ago.

The company has had a crisis-hit year, with its share price almost 90% lower than it was in August 2015, amid allegations of unfair increases in drug prices and the departure of previous boss Michael Pearson.