Debt-ridden Valeant's 3rd-qtr beats expectations

7 November 2017

Canada’s Valeant Pharmaceuticals International (Nasdaq: MYL), which has been shedding former acquisitions like confetti in order to reduce its debt burden, today reported better-than-expected third-quarter 2017 financials, boosted by its ophthalmic business Bausch + Lomb, sending the firm’s shares up 14.7% to $13.80 shortly after markets opened this morning.

Group revenue for the quarter slumped 10.5% to $2.22 billion, but beat consensus estimates of $2.15 billion from analysts, who were clearly not expecting too much.

Net income attributable to Valeant was $1.30 billion, or $3.69 per share, in the third quarter, compared with a loss of $1.22 billion, or $3.49 per share, in the like year-earlier period.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK