Valeant Cuts 2016 Forecast to Below Estimates After Big Loss

Valeant Cuts 2016 Forecast to Below Estimates After Big Loss


Valeant Pharmaceuticals International Inc. cut its annual profit forecast to well below estimates after posting a third-quarter loss, highlighting the major challenges the new management will have turning around the drugmaker after a tumultuous year. The net loss amounted to $1.22 billion after Valeant took a $1.05 billion goodwill impairment charge to write down the value of some U.S. businesses including Salix, which makes top-selling gastrointestinal treatments and has been considered one of the drugmaker's crown jewels.



from Biotech News