Shares of Valeant Pharmaceuticals (VRX) were obliterated Tuesday morning amid an arguably disastrous quarterly conference call in which executives of the beleaguered pharmaceutical company claimed it doesn't need to sell more assets to service its liquidity, despite slashing its guidance and hinting that 2017 figures would be even worse.  

In other words, CEO Joseph Papa and CFO Paul Herendeen seemingly erased hopes among investors that Valeant's so-called turnaround plan would be would be done in a timely manner while adding to uncertainty around potential divestitures. After asking investors to look beyond its past troubles, analysts hounded the executives with questions around assets sales, its ability to reduce debt and the reasons behind deteriorating fourth-quarter expectations, among other things.

Shares of the Canadian pharmaceutical company tumbled about 25.5% to $14.25 a piece during Tuesday morning's trading session.

"This is a turnaround, and as with many turnarounds, turnarounds can take much longer than expected," Herendeen, who joined Valeant in August from his post at animal health giant Zoetis (ZTS) only about two months ago, told investors.

Importantly, the Laval, Canada-based drugmaker didn't only cut its 2016 outlook to a level that the new CFO said he "feels good about the quality of." 

Herendeen also admitted on the conference call that the company's revenues and Ebitda are anticipated to fall below 2016 levels in 2017—a statement that prompted Papa to step in to say that the company is "not trying to give '17 guidance." 

And so while specific figures for 2017 weren't provided, Valeant did trim its full-year 2016 revenue guidance to between $9.55 billion and $9.65 billion, as opposed to $9.9 billion to $10.1 billion. It cut its adjusted Ebitda guidance to $4.25 billion to $4.80 billion, from a previous range of $4.80 billion to $4.95 billion. 

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