(Reuters) - Valeant Pharmaceuticals International Inc (NYSE:VRX) The Canadian drugmaker, the target of U.S. investigations into its business and accounting practices, reiterated that it would delay filing its annual report with U.S. regulators but for the first time raised the specter of a default as a result. Valeant, whose U.S.-listed shares were down 18.3 percent in premarket trading, said failure to file the report by Tuesday's deadline would mean it would be in breach of a covenant and that holders of at least 25 percent of any series of notes may deliver a notice of default. As of Sept. 30, Valeant had about $30 billion of long-term debt. However, Chief Executive Michael Pearson (LON:PSON) expressed optimism about the company's finances. "We are comfortable with our current liquidity position and cash flow generation for the rest of the year, and remain well positioned to meet our obligations," he said in a statement. The company said last month it would delay filing its annual report while a board committee looked into its accounting practices. The company also said it would restate 2014, 2015 financial statements. Valeant's troubles began late last year when questions were raised about its drug pricing strategy and allegations emerged that it was using drug distributor Philidor RX Services to inflate revenue in its dermatology business. Laval, Quebec-based Valeant has since cut ties with Philidor, which has now gone out of business. Valeant is being investigated by the U.S. Securities and Exchange Commission over its relationship with Philidor, Reuters has reported. The company also the subject of U.S. state investigations for steep price increases on some of is drugs. The company said on Tuesday that revenue in 2016 is now expected to be $11.0 billion to $11.2 billion, compared with its previous estimate of $12.5 billion to $12.7 billion. The $1.5 billion cut reflected slower growth in the company's U.S. dermatology, gastrointestinal and women's health businesses, Valeant said. Valeant originally provided a 2016 forecast in December, but withdrew it on Feb. 29 when Pearson returned from two months medical leave. Valeant reported fourth-quarter adjusted earnings of $2.50 per share, compared with the average analyst estimate of $2.61. The company said it expected adjusted earnings of $9.50-$10.50 per share for 2016, compared with its previous estimate of $13.25-$13.75. Analysts on average were expecting earnings of $13.24 per share on revenue of $12.41 billion, according to the Thomson Reuters I/B/E/S. Up to Monday's close of $69.04, Valeant's U.S.-listed shares had fallen about 74 percent since their August high of $263.81. The company's Toronto-listed stock closed at C$91.58 on Monday.