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Mar 15, 2017

Concordia International won’t provide forecasts amid ‘reassessment’ of business model

Pharmaceuticals

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Shares of Concordia International (CXR.TO) tumbled on Wednesday after the drugmaker declined to provide full-year 2017 forecasts amid fourth-quarter earnings that fell short of estimates.

The Oakville, Ontario-based company earned 13 cents (U.S.) per share on an adjusted basis in the last quarter of 2016. Analysts polled by Thomson, on average, expected 53 cents (U.S.) per share. Quarterly revenue fell eight per cent year-over-year to US$170.4 million.

"Our 2016 results represent the culmination of a challenging and transitional year for Concordia," said CEO Allan Oberman in a statement. "The ongoing impact of financial and industry headwinds on the business, and the resulting erosion to our stakeholder value, have necessitated a reassessment of our business model.

Chief Financial Officer Edward Borkowski added Concordia is "evaluating all aspects" of the company.