Valeant Pharmaceuticals International Inc (VRX.TO, VRX.N) said on Tuesday it would reorganize, and stood by its full-year forecast, as it attempts to restore investor confidence after facing a storm of criticism over its business practices. The company has a 50 day moving average of $28.90 and a 200 day moving average of $57.44. The stock has a market capitalization of $7.57B and it has 341.19M outstanding shares.
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Valeant’s latest quarterly results are expected to be modestly better than the first quarter – but dramatically lower compared to 2015.
The Quebec-based company – which reports in USA currency – also had lower adjusted earnings, which fell to $488 million from $751 million in the second quarter of 2015.
Analysts still aren’t necessarily sure Relistor can bring in the blockbuster revenues Salix has predicted, though.
Drugmaker Valeant Pharmaceuticals, a fast-growing Wall Street darling until its price-hiking business strategy made it a symbol of pharmaceutical company greed, said it’s undergoing a restructuring as its new CEO attempts to turn it around and fix its tattered reputation.
A number of institutional investors have recently made changes to their positions in VRX. Valeant Pharmaceuticals Intl Inc makes up approx 0.01% of Trust Co Of Vermont’s portfolio.Cutler Group Lp reduced its stake in VRX by selling 15,324 shares or 9.24% in the most recent quarter. Valeant shares jumped 19.4 percent to $26.75 in midday New York trading.
Valeant, which will hold a conference call at 8:00 a.m. ET, did not elaborate on its reorganization plan.
Valeant shares have decreased 78 percent since the beginning of the year. More information about Valeant can be found at www.valeant.com.
About Valeant Valeant Pharmaceuticals International, Inc.
“As we develop our strategic plan to create the new Valeant, we are adding top talent to the leadership team, promoting high-performing leaders from within, and creating new structures and processes to help strengthen operations as we move forward”, said Joseph C. Papa. The heightened volatility saw the trading volume jump to 1,44,74,640 shares. The company has the institutional ownership of 66.80% while the Beta factor was 0.13.
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The switch comes amid a period of regulatory scrutiny, with the US Securities and Exchange Commission probing accounting irregularities and federal prosecutors investigating its relationship with US mail-order pharmacy Philidor over alleged improper booking of revenue. The Firm is engaged in developing and marketing a range of branded, generic and branded generic pharmaceuticals, over-the-counter products, and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetics devices).
