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