The shares are plunging.
Scheduling its earnings report on Election Day was already a signal that Valeant Pharmaceuticals didn’t have great news to share.
But the troubled drug company managed to disappoint investors anyway. Valeant stock plunged 22% as the drugmaker slashed its guidance for the rest of 2016, even with less than two months left in the year.
It’s the second time this year that Valeant has had to cut its earnings forecast. Last time it did so, in March, Valeant’s stock lost half of its value in a day. Valeant shares are down 85% this year, and 95% since their peak price in summer 2015, as accounting errors have led to a criminal investigation of its practices and its drug-price increases have come under fire with regulators.
