The drug company is facing a potentially crippling loss for the second straight quarter, as the company’s market value dropped 10% in the last quarter and the share price dropped nearly 20% from the previous quarter.
Algernons stock, which has been on a tear since Valeant raised $4 billion in early 2017, fell 10% to $14.90.
Valeant shares fell by more than 20% in after hours trading, while the Dow Jones Industrial Average fell by nearly 200 points to 14,638.
Alibaba’s shares fell 7% to 8,891.
Valeant shares have lost a total of $16.8 billion this year.
The stock has gained nearly $2 billion since last year, but that’s on a more volatile earnings trajectory.
The company recently announced a plan to trim costs, which it said would result in higher earnings in the near term.
Venture capital investors, on the other hand, have been pouring into Valeant and the drugmaker has been in talks with venture capital firms about acquiring a stake in one of the companies.
Vinegar has been blamed for many of the recent problems for the company, including the collapse of sales of its EpiPen allergy drug, the company has also been hit by numerous lawsuits over its pricing of its asthma medication.
Allegations that the drug manufacturer is using a backdoor pricing structure to artificially inflate the cost of the EpiPens have caused a stir among investors.