On Tuesday, shares of struggling pharmaceutical company Valent Pharmaceuticals Inc. are crashing, down almost 15% in morning trading after the company reported dismal first quarter results.

Valeant, which is under scrutiny regarding its business and accounting practices, reported adjusted earnings per share of $1.27, missing the Zacks Consensus Estimate of $1.42 per share and decreasing 45.7% year-over-year; this number excludes $2.35 from non-recurring items. Revenues, however, came in at $2.4 billion, beating the Zacks Consensus Estimate of $2.345 billion and increasing 9% year-over-year.

"The first quarter's results reflect, in part, the impact of significant disruption this organization has faced over the past nine months," said Joseph Papa, chairman and chief executive officer. "This has been a difficult period for Valeant and its stakeholders, and while there are some challenges to work through in certain business operations in 2016, such as our U.S. dermatology unit, the majority of our businesses are performing according to expectations."

As a result, Valeant slashed its full-year earnings forecast to $6.60-$7.00 per share, down from $8.50-$9.50 per share. Revenue guidance was also cut, and the company now expects $9.9 billion-$10.1 billion for the year compared to original projections of $11 billion-$11.2 billion.

In late April, Valeant filed its 2015 financial report, calming concerns about a potential default on its debt of over $30 billion. The company missed the original deadline of March 15, which prompted an in-house review of its accounting practices; the probe discovered problems dating back to 2014.

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