Valeant Pharmaceuticals International Inc. (NYSE: VRX) reported its third-quarter financial results before the markets opened on Tuesday. Over the past month, this company sank to just above its 52-week low, but it appears that Valeant has now been pushed over the edge with this most recent earnings report.

The company posted $1.55 in earnings per share (EPS) and $2.48 billion in revenue, versus Thomson Reuters consensus estimates that called for EPS of $1.75 and $2.49 billion in revenue. The same period of last year reportedly had $2.74 in EPS and revenue of $2.79 billion.

In the third quarter of 2016, the Bausch + Lomb/International segment reported revenues of $1.16 billion, a year-over-year increase of 4% from $1.12 billion. The segment, which contributed 47% of total company revenues, reflected an increase in product sales revenues of $67 million in the third quarter of 2016 from all 2015 acquisitions.

The Branded Rx segment reported third-quarter revenues of $847 million, a decline from $1.1 billion, reflecting a decline in product sales revenue from existing business of $251 million in the third quarter.

At the same time, the U.S. Diversified Products segment reported third-quarter revenues of $471 million, a decline from $564 million.

On the books, Valeant’s cash and cash equivalents totaled $658.5 million at the end of the quarter, up from $597.3 million at the end of 2015.

Chairman and CEO Joseph C. Papa commented:

This past quarter, we made further progress toward establishing the new Valeant. We have, where appropriate, begun to centralize some parts of the business, and hired two key senior executives: Paul Herendeen, Chief Financial Officer, and Dr. Louis Yu, Chief Quality Officer.  We also have started to present our financial results under three operating and reportable segments, which we believe will help clarify areas of strength and provide additional transparency. While we have revised our expectations for the remainder of 2016, I continue to be encouraged by the commitment of our employees who work each day toward meeting our mission of helping improve people’s lives through our healthcare products.

Shares of Valeant closed Monday at $19.13, with a consensus analyst price target of $36.11 and a 52-week trading range of $17.75 to $119.87. Following the release of the earnings report, the stock fell to a new multiyear low of $13.77 early Tuesday.

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