Valeant and its Chief Executive Michael Pearson have been criticized for steep price increases on some drugs and for close ties to a specialty pharmacy that used aggressive methods to overcome insurer barriers to reimbursements.
U.S. federal agencies are also investigating the company for potentially cornering a part of the specialty contact lens market through its acquisition of Paragon Vision Sciences.
In a move that boosted investor confidence, Valeant said on Tuesday it had signed a distribution deal with leading pharmacy chain Walgreens Boots Alliance, offering discounts on its products.
Valeant announced on Wednesday plans to cut its debt by $2.25 billion, a step backed by Bill Ackman, one of the company's top shareholders.
The company cut its 2015 profit forecast to $10.23-$10.33 per share, below its earlier forecast of $11.67-$11.87.
Analysts were expecting a profit of $11.11 per share, according to Thomson Reuters I/B/E/S.