Valeant plunges as financials miss expectations

Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX) saw its plummet more than 37% to $58.00 after in its much awaited preliminary financial results, that came in below analysts’ expectations, and slashed forward guidance.

While fourth-quarter 2015 revenue of $2.79 billion topped analyst projections for $2.76 billion, Valeant posted a loss of $336.4 million, or $0.98 per share (unaudited on a generally-accepted accounting principles [GAAP] basis). Excluding one-time items, earnings per share were $2.50, far short of the EPS of $2.64 that Wall Street expected, according to a survey by Zacks Investment Research.