Valeant shares slide 4% premarket

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Valeant shares surge 5% on Q1 revenue beat, higher guidance

Valeant Pharmaceutical International Inc. shares surged 5.2% in premarket trade Tuesday after the company reported a first-quarter revenue beat and raised its guidance. The company reported a loss of $2.69 billion in the latest quarter, or a loss of $7.68 per share, after earnings of $628 million, or $1.79 per share in the year-earlier period. The FactSet earnings-per-share consensus was 60 cents. Revenue declined to $1.995 billion from $2.109 billion, above the FactSet consensus of $1.949 billion. Branded Rx sales and US diversified sales came in above the FactSet consensus, while Bausch + Lomb sales came in below consensus. Valeant also raised its 2018 revenue guidance from $8.10 billion to $8.30 billion to $8.15 billion to $8.35 billion. Valeant also said it will change its name to Bausch Health Companies Inc., starting July 2018. Company shares have risen nearly 4% over the last three months, compared with a 3.6% rise in the S&P 500 and a 2.1% rise in the Dow Jones Industrial Average .

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