Valeant Pharma (VRX) Misses Q1 EPS by 10c; Cuts FY16 Outlook
Valeant Pharma (NYSE: VRX) reported Q1 EPS of $1.27, $0.10 worse than the analyst estimate of $1.37. Revenue for the quarter came in at $2.37 billion versus the consensus estimate of $2.39 billion.
"The first quarter's results reflect, in part, the impact of significant disruption this organization has faced over the past nine months," said Joseph Papa, chairman and chief executive officer. "This has been a difficult period for Valeant and its stakeholders, and while there are some challenges to work through in certain business operations in 2016, such as our U.S. dermatology unit, the majority of our businesses are performing according to expectations.
"While we recognize that we did not meet the timeline for filing our first quarter results, with our filing expected this week, we will be current in our financial reporting," continued Papa. "We have made progress toward stabilizing the organization over the past few months, and we expect to file our financial results in a timely manner going forward. Valeant has a portfolio of world class brands, a strong new product pipeline and dedicated leaders who are committed to doing what is right and what is necessary to turn this company around by re-engaging our workforce, rebuilding our relationships with prescribers, patients and payors, and regaining the trust of our debtholders and shareholders."
GUIDANCE:
Valeant Pharma sees FY2016 EPS of $6.60-$7.00, versus prior guidance of $8.50-$9.50 and the consensus of $8.47. Valeant Pharma sees FY2016 revenue of $9.9-10.1 billion, versus prior guidance of $11.0-11.2 billion and the consensus of $10.86 billion.
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