Valeant Pharma (VRX) Misses Q3 EPS by 20c, Cuts FY16 Outlook

Valeant Pharma (NYSE: VRX) reported Q3 EPS of $1.55, $0.20 worse than the analyst estimate of $1.75. Revenue for the quarter came in at $2.48 billion versus the consensus estimate of $2.49 billion.

"This past quarter, we made further progress toward establishing the new Valeant," said Joseph C. Papa, Chairman and Chief Executive Officer. "We have, where appropriate, begun to centralize some parts of the business, and hired two key senior executives: Paul Herendeen, Chief Financial Officer, and Dr. Louis Yu, Chief Quality Officer. We also have started to present our financial results under three operating and reportable segments, which we believe will help clarify areas of strength and provide additional transparency. While we have revised our expectations for the remainder of 2016, I continue to be encouraged by the commitment of our employees who work each day toward meeting our mission of helping improve people's lives through our healthcare products."

GUIDANCE:

Valeant Pharma sees FY2016 EPS of $5.30-$5.50, versus prior guidance of $6.60-$7.00 and the consensus of $6.45. Valeant Pharma sees FY2016 revenue of $9.55-9.65 billion, versus prior guidance of $9.9-10.1 billion and the consensus of $9.92 billion.

For earnings history and earnings-related data on Valeant Pharma (VRX) click here.

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