Salix Pharma to restate past seven quarters' results

(Reuters) - Salix Pharmaceuticals Ltd said it will restate its financial statements for all of 2013 and the first three quarters of 2014 due to errors relating to, among others, the timing of revenue recognition. The drugmaker said the cumulative impact of the restatement will decrease reported net product revenue by about $20.7 million and net income by about $11.9 million. Besides the timing of revenue recognition, errors were also found in the timing for recognition of revenue-reducing returns, discounts, and expense items, the company said.



via Health News Headlines - Yahoo News http://ift.tt/1BqCHyN