Investors weren’t buying Valeant boss Joseph Papa’s promises of a “new Valeant” Tuesday morning.
Despite beating analyst estimates, shares of the beleaguered pharmaceutical giant fell as much 10 percent after the company reported fourth quarter and full year 2016 results.
Although Valeant’s headline numbers beat expectations, analysts saw reasons to remain skeptical.
“It still doesn’t appear that management has a realistic outlook on its organic growth,” Irina Koffler of Mizuho Securities wrote in a note Tuesday.
Koffler noted that the company forecasted 2017 growth at its branded prescription and Bausch and Lomb segments despite negative to flat performance in 2016.
Total revenue fell 13 percent from the year-ago quarter and the company reported a quarterly loss of $512 million, amounting to losses of $1.47 a share.
“Over the past few months, our teams…