During this period, Moody's downgraded Valeant's credit rating to B2.
The company also fired the sales force for the female libido pill Addy, which it acquired for $1 billion.
Divestments may be the way forward to pare down Valeant's monster $30 billion-plus debt load. It is difficult to imagine a turnaround for the company unless it sells its biggest assets.
Valeant's stock looks like it is heading straight to zero, making it one of the most vulnerable stocks on the market.
Joseph Papa, the former chairman and chief executive of Perrigo has joined Valeant as its new CEO, after being offered a $60 million compensation package. He has his work cut out for him, to put it mildly.
There are few positives at Valeant.
One is that Legg Mason Opportunity Trust manager Bill Miller, known for either hitting a home run or striking out with his investments, said that he bought Valeant's stock for between $28 and $32.
That said, the company candidly said that revenue this year will fall by about 10% to $11 billion, from $12.5 billion in 2015.
Analytics firm Macroaxis pegged the probability of Valeant filing for bankruptcy protection at 48%.
The story of how Valeant became a toxic investment is well-known. A strange relationship with Philidor Rx Services, a supposedly independent pharmacy that has since ceased operations, was at the heart of Valeant's eventual share meltdown.
J. Michael Pearson, Valeant's former chief executive, can also be blamed for running up a ton of debt for acquisitions, which haven't added any alpha to the stock.