Valeant Pharmaceuticals International Inc.
shares fell 3.5% in premarket trade Wednesday after the company reported a fourth-quarter revenue miss and downbeat 2018 guidance. Earnings for the latest quarter came to $513 million, or $1.45 per share, after a loss of $515 million, or a loss of $1.47 per share in the year-earlier period. The company did not provide an adjusted earnings-per-share figure for the fourth-quarter. The company’s 2017 adjusted EPS came to $6.83, compared with the FactSet consensus of $3.89. The latest results include an income tax benefit of $4.15 billion for 2017, primarily due to an internal tax reorganization effort and benefits related to the U.S.’s corporate tax overhaul. Revenue for the quarter declined to $2.16 billion from $2.40 billion, compared with the FactSet consensus of $2.18 billion. For 2018, the company expects revenue of $8.1 billion to $8.3 billion, compared with the FactSet consensus of $8.38 billion. Valeant shares have surged 12.8% over the last three months, compared with a 4.5% rise in the S&P 500
View more information: https://www.marketwatch.com/story/valeant-shares-drop-35-after-q4-revenue-miss-downbeat-2018-guidance-2018-02-28