Valeant Pharmaceuticals International swung to a loss in the third quarter, citing distribution delays in Mexico and weak U.S. sales for some products, the Aliso Viejo-based drug maker said Thursday.
The third-quarter loss totaled $12 million, or 13 cents a share, compared with earnings of $13.7 million, or 14 cents, a year earlier, the company said. Revenue dipped 1% to $208.6 million.
Valeant said it planned to sell its Infergen operations and had recorded results related to the hepatitis C treatment as discontinued operations. Infergen accounted for sales of about $8.6 million and costs of about $18.6 million in the latest quarter.
"Our performance this quarter was disappointing, and we are clearly not pleased with the results," Chief Executive Timothy C. Tyson said.
Tyson said sales were hurt by continuing problems in the Mexican distribution chain and some key U.S. product sales coming in weaker than expected.
Valeant shares fell $2.42, or 16%, to $12.13.