New York — Valeant Pharmaceuticals International on Tuesday cut its annual profit forecast to well below estimates after posting a third-quarter loss, highlighting the major challenges the new management will have turning around the drug maker after a tumultuous year. The net loss amounted to $1.22bn after Valeant took a $1.05bn goodwill impairment charge to write down the value of some US businesses including Salix, which makes top-selling gastrointestinal treatments and has been considered one of the drug maker’s crown jewels. Salix is among assets that Valeant is considering selling. The stock dropped 11% to $17.07 in New York, before the US markets opened. The results pointed to declining sales at several of Valeant’s key businesses, with dermatology sales slumping 50% and Salix’s revenue declining 5.4%, dragged down by lower prices and higher rebates. Valeant, once a darling of Wall Street, became the focus of outrage over skyrocketing drug prices in the US last year, triggerin...
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