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Nov 7, 2016

Concordia suspends forecasts, leaving investors in the dark

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Concordia International (CXR.TO) is withdrawing its forecasts as the embattled drugmaker faces increased competition and a change at the top of its executive ranks.

"Due to recent pressures from generic competition on Plaquenil and Nilandron, as well as increased pressure on Donnatal from competition in the category and what we consider to be an illegal commercial product, we have experienced variability in forecasting the North American business," the company said in a statement released Monday. 

"Additionally, with the recent leadership changes, the company has determined it will suspend its financial guidance. Concordia's management team is committed to expeditiously evaluating all aspects of its business to ensure appropriate actions are taken to rebuild value for all stakeholders."

As recently as the company's second-quarter earnings release in August, Concordia was forecasting full-year revenue would be as much as US$888 million and adjusted EBITDA could reach US$540 million.

"You never like to see a company suspend guidance because they can't exactly figure out what's going on at their own company," said Gareth Watson, director of the investment management group at Richardson GMP, in an interview with BNN. 

"That just sends the message to me as an investor -- if the company is not sure exactly what's going on, how on earth can an investor know exactly what's going on?"

Concordia's stock has plummeted 89 per cent over the last year as it's come under attack by short sellers, contended with increased competition, conducted a strategic review and, most recently, replaced its chief executive.

The company said on Monday its third-quarter revenue sank 19.9 per cent from the previous quarter to US$185.5 million and adjusted earnings per share tumbled to US$0.69 from US$1.37 a year earlier. 

Concordia also announced on Monday that its recently appointed CEO Allan Oberman is taking on his new duties effective Nov. 8, a move that will formally mark the end of founder Mark Thompson's era.

[Editor’s note: An earlier version of this story incorrectly stated Allan Oberman’s first day as CEO would be today, Nov. 7]