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.
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
Keywords: Valeant Pharmaceuticals, Earnings Report