May 9 Canada's Valeant Pharmaceuticals
International Inc reported a first-quarter
profit on Tuesday, compared with a year-ago loss, due to a
one-time income tax benefit, and the drugmaker also raised its
full-year adjusted EBITDA forecast.
The company's U.S.-listed shares jumped about 13 percent in
Net income attributable to Valeant was $628 million, or
$1.79 per share, in the three months ended March 31, compared
with a loss of $374 million, or $1.08 per share, a year earlier.
Net income in the latest quarter included a one-time income
tax benefit of $908 million from a non-cash internal
restructuring that occurred during this time, Valeant said.
Revenue fell to $2.11 billion from $2.37 billion.
Laval, Quebec-based Valeant has been trying to rebuild its
business and regain investor confidence after the company came
under investigations over its accounting and pricing practices.
The troubled drugmaker, weighed down by debt from years of
acquisitions, is on pace to meet its target of repaying $5
billion in debt between August, 2016 and February, 2018,
Valeant's Chief Executive Joe Papa told shareholders last week.
(Reporting by Ankur Banerjee in Bengaluru; Editing by Savio