Valeant Pharmaceuticals, which is under scrutiny for business and accounting practices, reported a lower-than-expected quarterly profit and cut its full-year earnings and revenue forecast.
Shares of the pharmaceutical company skidded more than 10 percent in premarket trading immediately following the report. (Get the latest quote here.)
The company's U.S.-listed shares tumbled nearly 11 percent to $25.77 before the bell on Tuesday.
Valeant cut its full-year earnings forecast to $6.60 to $7.00 per share from $8.50 to $9.50, and its revenue forecast to $9.9 billion to $10.1 billion from $11.0 billion to $11.2 billion.