Valeant CEO cuts outlook for 'distracted' company, shares dive

Bengaluru

VALEANT Pharmaceuticals International Inc slashed its 2016 forecasts on Tuesday, as its new chief executive said he would focus on rebuilding the reputation of a "distracted organisation" with a debt-loaded balance sheet.

The maker of toenail fungus cream Jublia and anti-depressant drug Wellbutrin, which has faced intense scrutiny for business and accounting practices, missed first-quarter profit estimates on weakness in its dermatology business.

The Laval, Quebec-based drugmaker expects full-year adjusted earnings of US$6.60-7.00 per share, compared with its previous forecast of US$8.50-9.50, and revenue of US$9.9-1…