Valeant Pharmaceuticals International Inc (VRX.TO)(VRX.N) said new generic rivals cut into sales for one of its top drugs, overshadowing a sharp rise in quarterly earnings and sending its shares down 15 percent. Sales of Wellbutrin XL, an antidepressant that accounted for about 7 percent of revenue in the second quarter, would likely keep falling, Valeant said. In addition, the company, one of the most acquisitive in heathcare, sees difficulties ahead in the United States, one of its main markets. "Investors were surprised by the level of competition they faced in neurology," Morningstar analyst David Krempa said.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 16.48% or $-8.61/share to $43.65. In the past year, the shares have traded as low as $21.92 and as high as $57.24. On average, 2281950 shares of VRX exchange hands on a given day and today's volume is recorded at 10023108.
Valeant Pharmaceuticals International, Inc., formerly Biovail Corporation, is a multinational, specialty pharmaceutical company that develops, manufactures and markets a range of pharmaceutical products. Shares of VRX fell by 16.48% or $-8.61/share to $43.65. In the past year, the shares have traded as low as $21.92 and as high as $57.24. On average, 2281950 shares of VRX exchange hands on a given day and today's volume is recorded at 10023108.
