(Reuters) – Valeant Pharmaceuticals International Inc said it would restate its financial results for 2014 and 2015 after identifying some sales to Philidor that should have been recognized when products were dispensed to patients. Shares of Valeant Pharmaceuticals International Inc slumped about 18 percent on Monday, the second straight day of steep declines, wiping out more than $6 billion of the Canadian drugmaker's market value since Thursday. The company “preliminarily identified certain sales to Philidor during 2014, prior to Valeant's entry into an option to acquire Philidor, that should have been recognized when product was dispensed to patients rather than on delivery to Philidor,” Valeant said in a statement on Monday.
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Valeant to restate results after Philidor review
