Shares of Valeant Pharmaceuticals International Inc. rallied 9% in heavy premarket trade on Tuesday after the drug maker reported a wider loss in the second quarter, but confirmed its full-year guidance. The company said it lost $302.3 million during the quarter, or 88 cents a share, compared with a loss of $53 million, or 15 cents a share, in the year ago period. On an adjusted basis, earnings came in at $1.40 a share, down from $2.14 a share last year. Revenue fell 11% to $2.42 billion. Valeant said it still expects revenue for the full year to be in the range of $9.9 billion to $10.1 billion. It also confirmed its adjusted-earnings forecast of $6.60 to $7.00 a share.
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below