Valeant Cuts 2015 Revenue, Profit Forecasts

Reuters

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

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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)