Valeant's Declining Sales Show Turnaround Has Long Way to Go
- Shares drop as much as 11%, biggest decline since Nov. 30
- Outlook for 2017 earnings weaker than analysts anticipated
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Valeant Pharmaceuticals International Inc.’s turnaround still has a long way to go.
The drugmaker reported a sharp drop in sales last quarter, and still has $30 billion in debt hanging over its balance sheet that can only be dealt with by selling assets or improving cash flow. On Tuesday, Valeant said that sales and profit this year will decline further, sending its shares and bonds down.