Valeant Pharma (VRX) reported earnings Tue 7 June 2016 (b/o)

** charts before earnings **

 

** charts after earnings **

 

Valeant Pharma misses by $0.10, beats on revs; cuts FY16 EPS, revs guidance:

• Reports Q1 (Mar) earnings of $1.27 per share, $0.10 worse than the Capital IQ Consensus of $1.37; revenues rose 9.3% year/year to $2.37 bln vs the $2.34 bln Capital IQ Consensus.
• Co lowers guidance for FY16, sees EPS of $6.60-7.00 (Prior $8.50-9.50) vs. $8.51 Capital IQ Consensus Estimate; sees FY16 revs of $9.90-10.01 bln (Prior $11.0-11.2 bln) vs. $10.92 bln Capital IQ Consensus Estimate; Sees Adj-EBITDA of $4.80-4.95 bln (Prior $5.60-5.80 bln)
• "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. 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."