Valeant shares fell as it cuts guidance again.

Valeant Pharmaceuticals International Inc., again cut its direction for the year as income for the most recent quarter topped estimates, yet income fell more than projected.

The Laval, Que.- based drug maker recorded a $1.2-billion (U.S.) loss in the three months finished Sept. 30.

Joseph Papa, who became their new CEO and chairman to turn Valeant around, presented a list of issues, defying what was previously the most significant company on the Toronto Stock Exchange.

The company says it expects a weaker fourth quarter.

“We continue to need to address legacy issues, including negative press coverage, litigation and talent retention and severance,” Papa told investors on a conference call.

“In summary, we face some challenges, but we are taking specific actions that will put us on the right track.”

He said a portion of the measures Valeant is taking, incorporate further investments in innovative work and also procuring new ability.

“While it’s clear we still have more work to do, I believe we have the right team in place and are on the right path forward.”

The Canadian pharmaceutical company now expects balanced income of $5.30 to $5.50 a share on $9.55 billion, to $9.65 billion in deals. That is down pointedly from its past direction for profit of $6.60 to $7 a share and income between $9.9 billion and $10.1 billion.

For the September quarter, Valeant posted lost $1.22 billion, or a share of $3.49 compared with a $49.5 million, or 14 cents a share a year earlier.

After adjustments that exclude the writedown of Salix and other items, Valeant earned $543 million or $1.55 per share, down from $844.7 million or $2.41 per share.