Valeant Pharmaceuticals on Tuesday reported a first-quarter loss of $373.7 million, after reporting a profit in the same period a year earlier.
The Laval, Quebec-based company said it had a loss of $1.08 a share. Adjusted for one-time gains and costs, earnings were $1.27 a share, less than the $1.37 that was expected by Wall Street analysts.
First-quarter revenue was in-line with expectations at $2.37 billion.
Following the report, shares of the company were down as much as 18% in early trading on Tuesday.
The company also slashed its guidance for 2016.
Valeant said it expected full-year adjusted earnings per share to come in at $6.60 to $7.00, well below its prior outlooks for earnings of $8.50 to $9.50 a share.
Revenues for 2016 are now expected to come in at $9.9 billion to $10.1 billion, below the company’s previous expectations for revenue of $11 billion to $11.2 billion this year.
Valeant shares have fallen 72% since the beginning of the year. The stock has fallen 88% in the past 12 months.
This was the first quarterly report since CEO Mike Pearson was replaced by Joseph Papa. In a statement, Papa said: “The first quarter’s results reflect, in part, the impact of significant disruption this organization has faced over the past nine months. This has been a difficult period for Valeant and its stakeholders, and while there are some challenges to work through in certain business operations in 2016, such as our US dermatology unit, the majority of our businesses are performing according to expectations.”
These results were reported later than expected as delays related management and other organizational delays held up the report.
In Valeant’s announcement, Papa added:”While we recognize that we did not meet the timeline for filing our first-quarter results, with our filing expected this week, we will be current in our financial reporting. We have made progress toward stabilizing the organization over the past few months, and we expect to file our financial results in a timely manner going forward.”