Valeant Pharmaceuticals International Inc., having struggled for months to reclaim investor favor, offered a financial outlook worse than many feared, prompting an exodus from the stock that cut the market value of the company in half, The Wall Street Journal reported yesterday. Shares of the drug maker plunged more than 51 percent after it said that it is pulling back from its strategy, won’t meet its previous earnings goals and may default on its debt. The news was one more jolt to investors who had endured months of uncertainty about the company’s finances and leadership. The stock as recently as August was as high as $262 amid enthusiasm for Valeant’s unusual way of doing business — partly by acquiring drugs and hiking prices. On Tuesday the stock sank to close at $33.51, its lowest close since January 2011.
