Valeant Cuts 2015 Revenue, Profit Forecasts

Canadian drugmaker Valeant Pharmaceuticals International cut its revenue and profit forecasts for 2015.

The company, which is holding its investor day on Wednesday, said it still expected double-digit sales growth through higher volumes.

Valeant said it now expects 2015 profit of $10.23-$10.33 per share, below its earlier forecast of $11.67-$11.87.

Analysts were expecting a profit of $11.11 per share, according to Thomson Reuters I/B/E/S.

Valeant said it now expected 2015 total revenue of $10.4 billion-$10.5 billion, down from $11.0 billion-$11.2 billion forecast earlier.

Valeant also announced plans to cut its debt by $2.25 billion, a step one of its top shareholders had suggested when the drugmaker was scrutinized over its revenue recognition and pricing practices.

U.S.-listed shares of Valeant were down 3 percent at $106 in light trading before the bell.

(Reporting by Vidya L Nathan in Bengaluru; Editing by Sriraj Kalluvila)