Valeant Pharmaceuticals International Inc, embroiled in a bitter battle to take over Botox-maker Allergan Inc, reported disappointing quarterly earnings and cut its 2014 and 2015 profit forecasts on Thursday, sending its shares down 7.2 percent."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 Laval, Quebec-based company teamed up with activist investor Bill Ackman on April 21 to make a cash and stock offer for Allergan now worth about $50 billion. Allergan says the deal would hurt its growth and compromise shareholders.Even as it lowered its profit forecasts, Valeant argued that second quarter results should bolster its attractiveness to Allergan shareholders.
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 3.66% or $-6.31/share to $165.86. 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 5046411.
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 6.71% or $-8.44/share to $117.39. 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 11036061.
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 6.98% or $-9.59/share to $127.83. 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 948085.
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