LAVAL, Quebec (AP) – Valeant tumbled to a loss in its first quarter and the embattled drug maker, squeezed by higher costs, cut its profit and revenue expectations for the year.
Shares, which have plunged almost 90 percent in the past year, fell 14 percent before the opening bell Tuesday.
The Canadian pharmaceutical disclosed last week that it had been served with default notices from two lenders because the first-quarter earnings report had been postponed.
Swamped by government investigations into its business and accounting practices, Valeant posted long-overdue results from 2015 in April.
That same month, CEO J. Michael Pearson was excoriated in a congressional hearing, where lawmakers accused Valeant of gouging patients to reward Wall Street investors.