Valeant Pharmaceuticals Intl Inc (NYSE:VRX) stock took a hit today following the release of its earnings report for the fourth quarter of 2017.
The big blow to VRX stock today was the company’s revenue of $2.16 billion for the fourth quarter of the year. This is down from its revenue of $2.40 billion that was reported in the same period of the year prior. It also came in below Wall Street’s revenue estimate of $2.18 billion for the quarter.
Valeant Pharmaceuticals Intl Inc reported earnings per share of 98 cents for the fourth quarter of 2017. This is down from its earnings per share of $1.26 from the same time last year. However, it did just come in above analysts’ earnings per share estimate of 97 cents for the period.
Net income reported by Valeant Pharmaceuticals Intl Inc for the fourth quarter of the year was $513 million. This is a major increase over the drug company’s net loss of $515 million from the fourth quarter of 2016. However, it also includes a one-time tax benefit of $1.32 billion due to the recent tax reform.
Valeant Pharmaceuticals Intl Inc’s operating loss for the fourth quarter of the year was $322 million. The company reported operating income of $150 million in the same quarter of the previous year.
VRX stock also didn’t get any help today from the company’s guidance for 2018. Valeant Pharmaceuticals Intl Inc is expecting revenue for the year to range from $8.10 billion to $8.30 billion. Wall Street is estimating revenue of $8.39 billion for the full year of 2018.
VRX stock was down 11% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.