17:46:03 EDT Thu 28 Mar 2024
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Valeant Pharmaceuticals International Inc
Symbol VRX
Shares Issued 333,572,200
Close 2014-07-30 C$ 137.42
Market Cap C$ 45,839,491,724
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Post/wire say Valeant takes hit on lower forecast

2014-08-01 09:34 ET - In the News

The Financial Post reports in its Friday edition Valeant Pharmaceuticals has cut its 2014 forecast after it sold a dermatology products line and another deal was delayed. A Bloomberg dispatch to the Post says Valeant shares fell $9.59 Thursday, closing at $127.83. Revenue this year will be $8-billion to $8.3-billion, and earnings per share will be $7.90 to $8.10, Valeant said in an investor presentation, down from earlier forcasts of $8.3-billion to $8.7-billion in revenue and earnings per share of $8.55 to $8.80. "I don't think anybody likes to see guidance lowered and that's why the stock is down," said Tim Chiang at CRT Capital Group in Stamford, Conn. "Still, I think investors have their eyes focused on whether or not Valeant will be successful with Allergan." Part of Valeant's firepower to acquire Botox-maker Allergan depends on the price of Valeant's stock, which is being used in combination with cash for its offer. "I have never been more confident about the growth trajectory across the entire company," chief executive officer Michael Pearson said in a statement announcing results Thursday. Second-quarter net income rose tenfold to $126-million from $11-million a year earlier, the company said.

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