Valeant
Valeant’s newly appointed chief executive, Joseph Papa, said the drug company’s first-quarter results reflected the impact of ‘significant disruption’ over the past nine months. REUTERS/Christinne Muschi

This story was updated at 10:30 a.m. EDT.

U.S.-listed shares of Valeant Pharmaceuticals International Inc., which is under scrutiny for business and accounting practices, tumbled 15 percent to $25 Tuesday after the company reported a lower-than-expected quarterly profit and cut its full-year earnings and revenue forecast.

The company cut its full-year earnings forecast to $6.60-$7 per share from $8.50-$9.50, and its revenue forecast to $9.9 billion-$10.1 billion from $11 billion-$11.2 billion.

Valeant's newly appointed chief executive, Joseph Papa, said the first-quarter results reflected the impact of "significant disruption" over the past nine months.

Valeant Pharmaceuticals International (VRX) | FindTheCompany

"We have made progress toward stabilizing the organization over the past few months, and we expect to file our financial results in a timely manner going forward," Papa said in a statement.

Net loss attributable to the company was $373.7 million, or $1.08 per share in the quarter ended March 31, compared with a profit of $97.7 million, or 28 cents per share, a year earlier.

On an adjusted basis, Valeant earned $1.27 per share, missing analysts’ average estimates of $1.37, according to Thomson Reuters I/B/E/S.

The miss was largely driven by challenges in its dermatology unit, where sales tumbled 43 percent to $228.6 million.

While Valeant's total revenue rose to $2.37 billion from $2.17 billion, it missed analysts' expectation of $2.38 billion.

The drugmaker filed its 2015 financial report in late April, allaying concerns about a possible default on its debt of more than $30 billion.

The company missed an original March 15 deadline, citing an in-house review of its accounting practices. The probe found problems dating back to 2014.

Data from Reuters were used to report this story.