Valeant falls on lowered guidance

Valeant Pharmaceuticals International Inc. (TSX:VRX;NYSE:VRX) fell $8.44 to $117.39 in New York and C$9.50 to C$127.92 in Toronto after reporting 2Q14 financial results on Thursday and lowering its full-year EPS and revenue guidance. The company now expects diluted non-GAAP EPS of $7.90-$8.10 on revenues of $8-$8.3 billion, down from its previous guidance of $8.55-$8.80 in EPS on revenues of $8.3-$8.7 billion. The Street was expecting EPS of $8.61 on revenues of $8.4 billion. Second quarter revenue was $2.04 billion, slightly below the Street's $2.05 billion estimate and up 86% from $1.1 billion in 2Q13. Valeant reported diluted non-GAAP EPS of $1.91 for 2Q14, missing the Street's $1.96 estimate but up from $1.34 in the prior year's quarter. ...