Valeant Pharma Cuts 2016 Guidance; Posts Loss In Q1 - Quick Facts

(RTTNews) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) announced the company now expects fiscal 2016 total revenue to be in the range of $9.9 - $10.1 billion. Adjusted EPS is expected to be in the range of $6.60 - $7.00. In March, the company projected its fiscal 2016 total revenue in a range of $11 billion to $11.2 billion and adjusted earnings per share of $9.50 to $10.50. Analysts polled by Thomson Reuters expect the company to report profit per share of $8.47 on revenue of $10.86 billion. Analysts' estimates typically exclude special items.

For first quarter 2016, the company reported a net loss of $373.7 million, or a loss of $1.08 per share compared to net income of $97.7 million, or $0.28 per share in the first quarter of prior year, restated. Adjusted net income was $442.6 million, or $1.27 per share compared to $704.2 million, or $2.05 per share. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $1.37 for the quarter.

Total revenues increased 9% to $2.37 billion in the first quarter of 2016, primarily due to the effect of acquisitions completed in 2015 and their subsequent growth under Valeant's ownership. This increase was primarily offset by a negative foreign currency impact of $52 million and a negative impact from divestitures and discontinuations of $22 million. On an organic basis, total revenues declined $289 million in the first quarter of 2016 from the remainder of the existing business. Analysts expected revenue of $2.38 billion, for the quarter.

Shares of Valeant Pharma were down more than 11% in pre-market trade on Tuesday.