The company posted fourth-quarter adjusted earnings per share of $2.50, compared with $2.58 a share in the year-earlier period. Revenue for the quarter came in at $2.79 billion, hurt by softer-than-expected sales in its gastrointestinal business.
Analysts had expected Valeant to report adjusted earnings of about $2.61 a share on $2.75 billion in revenue, according to a consensus estimate from Thomson Reuters.
The embattled company also reduced its first-quarter and full-year outlook. Valeant now forecasts first-quarter earnings of $1.30 to $1.55 a share, on revenue of $2.3 billion to $2.4 billion.
It all comes as high drug prices have been central to rhetoric from presidential hopefuls like Hillary Clinton.
Ackman sent an email to investors on Tuesday saying the board of hisPershing Square Holdings will take a more proactive role at Valeant given the new guidance. The letter also said that Pershing Square Holdings sees value in the pharmaceutical company and will protect its investment in Valeant.
“We continue to believe that the value of the underlying business franchises that comprise Valeant are worth multiples of the current market price,” Ackman wrote in the email. “Getting to those values, however, will require restoration of shareholder confidence in the management and governance of the company.”