Canada-based Valeant Pharmaceuticals International announced on Wednesday that it has slashed its current quarter as well as full year outlook and issued an earnings guidance that was downbeat for all of 2016.

The drug maker is dealing with fallout from a relationship it had with a controversial pharmacy that specialized in mail order.

Valeant shares have slid the last three months more than 53% through the close of business on Tuesday. In trading before the opening bell on Wednesday, shares were down another 4.2%.

The pharmaceutical company is now expecting to have adjusted per share earnings of between $2.55 and $2.65 for its fourth quarter, which is down from a previous range of between $4.00 and $4.20 per share and well short of the projection of analysts of $3.47 per share.

Valeant said its revenue for the quarterly would be between $2.7 billion and $2.8 billion, which is lower than guidance earlier of between $3.25 billion and $3.45 billon.

Analysts were expecting sales to reach $3.07 billion.
For its full-year, Valeant is anticipating its adjusted profit will be between $10.23 and $10.33 per share with sales of between $10.4 billion and $10.5 billion.

Valeant had previously expected to have earnings per share of between $11.67 and $11.87 per share with revenue of between $11 billion and $11.2 billion. Analysts were expecting per share profit to be $11.11 in 2015 on revenue of over $10.77.

Valeant said that for 2016 it is expecting its adjusted earnings to be between $13.25 and $13.75 per share with revenue between $12.5 billion and $12.7 billion. Analysts were expecting earnings to be $14.27 per share on sales of $12.55 billion.

The new guidance comes ahead of investor day for Valeant, which begins today. The company announced it would talk about its new financial outlook and certain operations during today’s event.

The relationship Valeant has with Philidor Rx Services came under heavy criticism first in part due to the tactics used by Philidor to ensure that the pharmacy benefits manager opted for drug over Valeant

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