REUTERS/Christinne Muschi
The Canadian drugmaker, which is under scrutiny for its business and accounting practices, said on Tuesday that total 2016 revenue was expected to be $11 billion to $11.2 billion, down from its previous estimate of $12.5 billion to $12.7 billion.
The company originally provided its 2016 forecast in December, but it withdrew it on February 29 when CEO Michael Pearson returned from two months of medical leave.
Valeant said in a regulatory filing that if it did not file its annual report by Tuesday, it would be in breach of a reporting covenant and holders of at least 25% of any series of notes may deliver a notice of default.
The company, whose US-listed shares were down about 15% in premarket trading, said preliminary fourth-quarter revenue was $2.8 billion, hurt mainly by weaker-than-expected sales in its gastrointestinal business.
Valeant reported adjusted earnings of $2.50 a share, short of the average analyst estimate of $2.61.
The company said it expected adjusted earnings of $9.50 to $10.50 a share for 2016, down from its previous estimate of $13.25 to $13.75 a share.
Analysts on average were expecting earnings of $13.24 a share on revenue of $12.41 billion, according to the Thomson Reuters I/B/E/S.
Here's a chart showing the stock's roughly 71% decline over the past year and its drop in premarket trading:
(Reuters reporting by Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila)