Valeant Pharmaceuticals down on pared FY guidance

Shares in Valeant Pharmaceuticals are down as the Canadian drugmaker pared its guidance, again.

It now foresaw full-year earnings of $6.60-$7 a share, which was a sharp revision to its earlier guidance for $8.50-$9.50.

Valeant now sees 12-month revenue at between $9.9bn and $10.1bn, down from $11bn to $11.2bn.

The pharma had, as late as mid-March, a standing forecast for EPS of up to $13.75, and revenue of up to $12.7bn for the year.

The shares are down almost 90% since peaking last August amid a string of concerns. This afternoon they were down 0.07% to $28.85, having earlier fallen 16%.