Valeant says to hit debt repayment target earlier than expected; shares climb [Toronto Globe and Mail (Ontario, Canada)]
VALEANT PHARMACEUTICALS (VRX)
Last valeant pharmaceuticals earnings: 2/28 07:00 am
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Source: Toronto Globe and Mail
Valeant Pharmaceuticals International Inc. reported a better-than-expected quarterly profit and said it expected to repay more than $5-billion in debt earlier than it had targeted, sending its shares up 10 per cent. 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. The company said on Tuesday it was continuing to reduce debt and resolve legacy issues, and that it expected to exceed its pledge to reduce $5-billion in debt earlier than February. Valeant had long-term debt of about $28.5-billion as of June 30. Last month, the drug maker paid down $811-million of debt with proceeds from the sale of its cancer treatment unit Dendreon Pharmaceutical
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