Salix Pharmaceuticals Ltd said it would restate financial statements for all of 2013 and the first three quarters of 2014, adding to the drugmaker's list of woes.
The restatement, which corrects errors related to the timing of revenue recognition, revenue-reducing returns, discounts and expenses, will cumulatively reduce reported net product revenue by about $20.7 million and net income by about $11.9 million, the company said.
Salix reported net product revenue of $933.8 million and adjusted net income of $246.9 million for 2013.
Reuters reported this month that the maker of bowel drugs was working with investment bank Centerview Partners Holdings LP to explore options including a sale.
Salix Chief Executive Carolyn Logan stepped down earlier in January following the departure of other top executives.
The Raleigh, North Carolina-based company slashed its full-year forecast in November after inventory for its key drugs piled up. The inventory issue was to blame for Botox maker Allergan Inc's decision to end talks to acquire Salix, sources told Reuters at the time.
Salix said in December it would clear the excess inventory by the end of 2015.
The company said on Wednesday that the restatement would not impact its 2015 and 2016 forecasts.
Salix shares were up 1.3 percent at $129.50.
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