Valeant reduces revenue estimate but claims recovery is underway

8 June 2016

The man brought in to turn around the fortunes of Valeant Pharmaceuticals (NYSE: VRX) after a disastrous period for the company, has said that its 1st-qtr financial results reflect the “significant disruption this organization has faced over the past few months.”

Joseph Papa, the new chief executive of the Canadian drugmaker, downgraded the company’s revenue estimate for the year to between $9.9 billion and $10.1 billion, from the previous $11.0 billion to $11.2 billion.

While the company’s $2.4 billion in total revenues for the quarter was a 9% increase on the same period in 2015, this fell short of analysts’ estimates, as did with its adjusted earnings per share (EPS) of $1.27, and was offset by the losses elsewhere.

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