Canada's Valeant Pharmaceuticals International Inc, embroiled in a bitter battle to take over Botox-maker Allergan Inc, on Thursday cut its 2014 and 2015 profit forecasts, sending shares 10 percent lower."People were disappointed in Valeant's outlook for the remainder of 2014, and especially its 2015 earnings guidance, which is about $1 per share below expectations," said Raghuram Selvaraju, an analyst with Aegis Capital.The company, which has grown swiftly through acquisitions, said it now expects 2014 cash earnings - or profit adjusted for one-time items - of $7.90-$8.10 per share, on revenue of $8 billion-$8.3 billion. That's down from its forecast in April of $8.55-$8.80 per share, on revenue of $8.3 billion-$8.7 billion.Valeant said it was bringing down its 2014 forecasts to reflect the sale of its rights to several skincare products. It sold rights to several injectable facial treatments to Swiss food group Nestle SA for $1.4 billion earlier this month.
Allergan, Inc. is a multi-specialty health care Company focused on developing and commercializing pharmaceuticals, biologics, medical devices and over-the-counter products. Shares of AGN fell by 3.99% or $-6.87/share to $165.30. In the past year, the shares have traded as low as $86.95 and as high as $174.49. On average, 2963100 shares of AGN exchange hands on a given day and today's volume is recorded at 2414331.
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 8.05% or $-10.13/share to $115.70. In the past year, the shares have traded as low as $91.00 and as high as $153.10. On average, 3052760 shares of VRX exchange hands on a given day and today's volume is recorded at 6773896.
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 8.21% or $-11.28/share to $126.14. In the past year, the shares have traded as low as $97.00 and as high as $170.45. On average, 322241 shares of VRX.TO exchange hands on a given day and today's volume is recorded at 405246.
Source
