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Valeant stock rises despite weak Q2 results

pharmafile | August 10, 2016 | News story | Research and Development, Sales and Marketing Valeant, financial results 

Valeant Pharmaceuticals’ share price in pre-market trading has risen 7.44% to $24.12 in the wake of its Q2 results announcement.

The results showed that totalled revenues had dropped to $2.42 billion, 11% less than Q2 2015. The Quebec-based company’s adjusted EPS (non-GAAP) stands at $1.40, compared to analyst estimates of $1.48. Net loss in the second quarter was $302 million compared to a loss of £53 million the same time last year.

Despite these results, the company maintains an optimistic outlook and has reconfirmed its full year 2016 guidance, with an expected $9.9 – 10.1 billion in total revenue, a $6.60 – 7.00 adjusted EPS (non-GAAP) and an adjusted EBITDA (non-GAAP) of $4.80 – 4.95 billion.

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“We continue to make progress towards stabilising the organization,” said Joseph C. Papa, chairman and chief executive officer. “We are also announcing a new strategic direction for Valeant today, which, at its heart has a mission to improve patients’ lives, and will involve reorganising our company and reporting segments. I am continuously encouraged by the commitment of our employees who work hard daily, rebuilding our relationships with prescribers, patients and payors, and regaining the trust of our debt holders and shareholders. Although it will take time to implement and execute our turnaround plan, I am confident that we will show progress in the coming quarters.”

Matt Fellows

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