Revenue during the quarter dropped 11.02 percent to $2,479.60 million from $2,786.80 million in the previous year period. Gross margin for the quarter contracted 328 basis points over the previous year period to 73.46 percent. Operating margin for the quarter stood at negative 34.80 percent as compared to a positive 16.07 percent for the previous year period.

Operating loss for the quarter was $863 million, compared with an operating income of $447.80 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $1,162.70 million compared with $1,470.80 million in the prior year period. At the same time, adjusted EBITDA margin contracted 589 basis points in the quarter to 46.89 percent from 52.78 percent in the last year period.

"This past quarter, we made further progress toward establishing the new Valeant," said Joseph C. Papa, chairman and chief executive officer. "We have, where appropriate, begun to centralize some parts of the business, and hired two key senior executives: Paul Herendeen, Chief Financial Officer, and Dr. Louis Yu, Chief Quality Officer. We also have started to present our financial results under three operating and reportable segments, which we believe will help clarify areas of strength and provide additional transparency. While we have revised our expectations for the remainder of 2016, I continue to be encouraged by the commitment of our employees who work each day toward meeting our mission of helping improve people’s lives through our healthcare products."

For fiscal year 2016, Valeant Pharmaceuticals International, Inc. forecasts revenue to be in the range of $9,550 million to $9,650 million. It expects diluted earnings per share to be in the range of $5.30 to $5.50 on adjusted basis for the same period.