Valeant Pharmaceuticals International Inc. shares surged 12.1% in premarket trade Tuesday after the company reported a third-quarter revenue beat and lowered its 2017 revenue outlook. Earnings for the latest quarter rose to $1.30 million, or $3.69 per share, from $1.22 million, after a loss of $3.49 per share in the year-earlier period. A Valeant spokesperson said in an email that the company doesn’t report adjusted EPS but instructed MarketWatch to calculate one based on shares outstanding. The FactSet earnings-per-share consensus was 89 cents. Revenue declined to $2.22 billion after $2.48 billion, compared with the FactSet consensus of $2.16 billion. Valeant also lowered its 2017 revenue outlook, and now expects revenue of $8.65 billion to $8.80 billion, down from $8.70 to $8.90 billion. Valeant shares have dropped 21.7% over the last three months, compared with a 4.4% rise in the S&P 500 .
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