Canada's Valeant Pharmaceuticals cut its full-year revenue forecast, even as it reported a better-than-expected quarterly profit and said it expects to repay more than $5 billion in debt by February.
Since taking the helm in April 2016, Joseph Papa has been trying to rebuild the company's business and regain investor confidence after a flurry of investigations into its accounting and pricing practices.
One of Papa's biggest challenges has been to cut the company's towering debt, which ballooned to nearly $30 billion following a spate of deal-making under former CEO Mike Pearson.
Excluding items, the Laval, Quebec-based company earned $1.05 per share, ahead of the average analyst estimate of 94 cents, according to Thomson Reuters I/B/E/S.
Revenue fell 7.8 percent to $2.23 billion in the second quarter ended June 30, hurt by declines in volume and pricing of its generic and neurology products.
- Valeant quarterly revenue falls 8%BNN
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