Beleaguered Canadian drugs maker Valeant Pharmaceuticals International Inc (TSE:VRX, NYSE:VRX) heaped more misery on investors on Tuesday as figures from its latest quarter missed expectations and it cut its revenue forecast for the year.
The company posted fourth-quarter adjusted earnings per share of $2.50, compared to $2.58 a share in the same period the year before, while revenue for the quarter was around $2.79bn.
Analysts had expected the company to report earnings of $2.61 per share with revenue of around $2.75bn, according to reports.
The firm blamed the weak performance on slowdowns in the US dermatology, gastrointestinal and woman's health businesses.
Valeant also reduced its first-quarter and full-year outlook, expecting first-quarter earnings of $1.30 to $1.55 a share, on revenue of $2.3bn to $2.4bn and earnings of $9.50 to $10.50 a share for the year on revenue of between $11bn and $11.2bn.
Shares in the company plummeted more than 25% in early deals to $50.50.
The firm delayed reporting its earnings last month when chief executive Michael Pearson returned from medical leave.
It is not the first controversy to surround the company, which is under investigation by the Securities and Exchange Commission (SEC) for pricing and supplier practices according to reports.
Valeant is expected to restate past earnings, with particular attention on specialty pharmacy Philidor Rx, which was accused of inflating its revenue figures.