UPDATED: Valeant Stock Surges 7.9% After Q2 Loss, 2017 Revenue Guidance Cut

Valeant Pharmaceuticals International Inc. shares surged 7.9% in premarket trade on Tuesday after the company reported a second-quarter loss and cut its 2017 revenue guidance. The company reported a loss of $38 million, or a loss of 11 cents per share, compared with a loss of $302 million, or a loss of 88 cents per share in the year-earlier period. The FactSet adjusted earnings-per-share consensus was 94 cents. Revenue declined to $2.233 million from $2.42 million, above the FactSet consensus of $2.228 million. Valeant also cut its 2017 revenue guidance to $8.70 to $8.90 billion from $8.90 to $9.10 billion. Valeant shares have surged 5.9% year-to-date, compared with a 10.8% rise in the S&P 500 .