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Valeant reports 2Q loss

LAVAL, Que. – Valeant Pharmaceuticals International Inc. (VRX) on Tuesday reported a loss of $302.3 million in its second quarter.

The Laval, Quebec-based company said it had a loss of 88 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.40 per share.

The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.61 per share.

The drugmaker posted revenue of $2.42 billion in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $2.59 billion.

Valeant expects full-year earnings in the range of $6.60 to $7 per share, with revenue in the range of $9.9 billion to $10.1 billion.

Valeant shares have decreased 78 per cent since the beginning of the year. The stock has dropped 91 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VRX at http://www.zacks.com/ap/VRX

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Keywords: Valeant Pharmaceuticals, Earnings Report