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Valeant's U.S.-listed shares jumped about 12 percent in
premarket trading on Tuesday.
The company said it now expects 2017 adjusted earnings before
interest, tax, depreciation and amortization (EBITDA) of
$3.60-$3.75 billion, up from its previous forecast of
$3.55-$3.70 billion.
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 ago.
The profit, which was the company's first in six quarters, was
due to a one-time income tax benefit of $908 million related to
an internal restructuring.
The company said its adjusted net income was $273 million.
Valeant, whose growth was fueled by an acquisition spree that
left it saddled with debt, said revenue fell to $2.11 billion
from $2.37 billion.
That missed analysts average estimate of $2.18 billion,
according to Thomson Reuters I/B//E/S.
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 is on pace to meet its target of repaying
$5 billion in debt between August 2016 and February 2018, Chief
Executive Joe Papa told shareholders last week.
Valeant said on Tuesday that it lowered its debt by $1.3 billion
in the latest quarter, and that its long-term debt was $28.54
billion as of March 31.
(Reporting by Ankur Banerjee in Bengaluru; Editing by Savio
D'Souza)
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