On Wednesday, Valeant Pharmaceuticals International, Inc. (NYSE: VRX) announced its financial results for the fourth quarter of 2017. With revenue missing estimates and earnings beating estimates, shares of the company dropped 9% to $16.84 per share in premarket trading today.
For the fourth quarter ended December 31, the company reported revenue of $2.16 billion, decreasing 10% and missing analysts’ estimates of $2.17 billion.
Net income for the fourth quarter increased from a loss of $515 million, for the same period last year, to net income of $513 million. According to the company, the result was helped by a one-time benefit of $1.32 billion. Excluding certain items, the company earned $0.98 per share for the fourth quarter, which beat estimates of $0.97 per share.
“2017 was a year of strong progress for Valeant as we delivered organic growth2 across nearly 75 percent of the Company while significantly reducing our debt and investing in our Bausch + Lomb, Salix and Ortho Dermatologics businesses,” Joseph C. Papa, the chairman and CEO of Valeant, said in the press release on Wednesday.
In the statement, the company provided guidance for 2018. Revenue for full year 2018 was expected to be in the range of $8.10 billion to $8.30 billion, which was lower than analysts’ estimates of $8.34 billion. Adjusted EBITDA (non-GAAP) was expected to be in the range of $3.05 billion to $3.20 billion.