Company News

BUZZ-Valeant Pharma: 2018 revenue forecast misses estimates

** Canadian drugmaker’s U.S.-listed shares down 6.5 pct at $17.30 in heavy premarket trade; stock one of the biggest pct losers among NYSE-listed stocks

** Valeant’s 2018 revenue forecast missed Street estimates, as the company faces intensifying competition for some of its products

** Valeant, saddled with some $25 billion in debt thanks to a years-long acquisition binge under former CEO Mike Pearson, has been selling off assets to free up cash

** Q4 rev. fell 10 pct to $2.16 bln, just shy of analysts’ expectations of $2.17 bln

** Forecasts 2018 revenue of $8.10-$8.30 bln; analysts were expecting $8.34 bln, according to Thomson Reuters I/B/E/S

** Up to Tuesday’s close, stock had fallen about 11 pct this year (Reporting by Akankshita Mukhopadhyay in Bengaluru)