Valeant Pharmaceuticals International reported an 11 per cent fall in quarterly revenue due to faltering sales, and cut its full-year profit and revenue forecasts.

Valeant’s US-listed shares tumbled more than 10 per cent in premarket trading on Tuesday.

The company said it expects 2016 total revenue of $9.55-$9.65 billion (€8.64-€8.73bn), down from its previous forecast of $9.9-$10.1 billion. Valeant said it expected adjusted earnings of $5.30-$5.50 per share, compared with its previous forecast of $6.60-$7.00.

The company recorded a net loss of $1.22 billion, or $3.49 per share, in the quarter to September 30th, compared with a profit of $49.5 million, or 14 US cents per share, a year earlier. The company took a goodwill impairment charge of $1.05 billion in the latest quarter. Revenue fell to $2.48 billion from $2.79 billion.

Valeant, which has debt of more than $30 billion, said last week it was in talks with third parties to sell its Salix stomach-drug business and other assets.

– Reuters