Valeant Pharmaceuticals International reported a smaller-than-expected quarterly profit due to faltering sales of its dermatology products and irritable bowel syndrome drug, and the company cut its full-year profit and revenue forecasts.
Valeant’s U.S.-listed shares fell more than 10% in premarket trading on Tuesday. Up to Monday’s close of $19.13, the stock had fallen 81% this year.
The Laval, Quebec-based company said it now expected total revenue of $9.55 billion-$9.65 billion for the year, down from its previous forecast of $9.9 billion-$10.1 billion.
