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 18 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. The company, one of the most acquisitive in healthcare, sees difficulties ahead in the United States, one of its main markets. "There were no major red flags, just some yellow flags like the pace of the decline of Wellbutrin," said Susquehanna Financial analyst Gary Nachman, who termed the quarter as "neither good, nor horrible". "The extent of the sell-off was a significant overreaction."
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 19.48% or $-10.18/share to $42.08. 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 11659417.
