Despite a $302 million net loss for its second quarter and being approximately $30 billion in debt, Valeant Pharmaceuticals‘ executives assure the public that things will “get better.”
According to Valeant’s second quarter 2016 financial results, the financial state of the company has certainly looked better:
- Since its highest close in August of 2015 (at $262.52), Valeant’s stock has continued to fall—its current rate being $22.45
- In Q2 of 2016, Valeant reported a $302 million net loss, which is almost six times more than Q2 of 2015
- Falling from $2.73 billion to $2.42 billion, the company’s revenue has decreased 11 percent in Q2 of 2016
Click here to view Q1 results.
Despite what may seem a discouraging outcome, the company said it’s “on track to meet previously announced lowered financial objectives for 2016.”
“Despite a weak quarter, Valeant stuck to earlier projections of annual full-year earnings in the range of $6.60 to $7 per share,” The Associated Press reports, “with revenue in the range of $9.9 billion to $10.1 billion.”
CEO Joseph Papa said in a statement:
“We continue to make progress towards stabilizing the organization. . . . I am continuously encouraged by the commitment of our employees who work hard daily, rebuilding our relationships with prescribers, patients, and payers, and regaining the trust of our debt holders and shareholders. Although it will take time to implement and execute our turnaround plan, I am confident that we will show progress in the coming quarters.”
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Filed Under: Drug Discovery
