Quarterly earnings at the embattled drug maker swung from a profit to a loss. Valeant's stock has fallen 90 percent since August. Fred Katayama reports.
Valeant Pharmaceuticals could use its antidepressant drug. The one-time Wall Street darling swung from a quarterly profit to a loss, blaming what it called, "the impact of significant disruption." The company has come under scrutiny from Congress, regulators, and prosecutors for its drug pricing and accounting practices. Also hurting results: tumbling sales in its dermatology business, the strong U.S. dollar, and rising costs. The company sharply slashed its outlook for earnings and revenue. Shares dropped in early trading, deepening its 90 percent loss since August. Stifel analyst Annabel Samimy said, "With Valeant under new management, we see the next several quarters driven by the return of normalized inventories within dermatology and gastrointestinal ..." Valeant faced a July 31 deadline to file its quarterly results. It had earlier missed its deadline of filing its 2015 results because it was busy reviewing its accounting practices.