Biotech and Pharma

Valeant Pharmaceuticals issues delayed annual report

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Beleaguered Canadian drugmaker Valeant Pharmaceuticals International filed its long-delayed annual report on Friday, in which it identified misstatements that would reduce some of its previously reported revenue.

Valeant said it was in compliance with its credit agreement and senior note indentures and that no additional restatements were required beyond those previously disclosed.

The filing of the report will help the company stave off a possible default on its $30 billion debt.

The company had said it would file the report by April 29, although it had an extension agreement with its creditors to delay the filing until June 11.

The Laval, Quebec-based company's U.S-listed stock fell about 2 percent in premarket trade.

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The company also said it had received a document subpoena from the New Jersey state bureau of securities on April 20.

The company said the restatement reduced previously reported fiscal 2014 revenue by about $58 million, net income attributable to its shareholders by about $33 million, and earnings per share by 9 cents.

The restatement for the first quarter of 2015 lowered revenue by about $21 million, but increased net income attributable to Valeant by about $24 million and earnings per share by 7 cents.

Valeant has been facing scrutiny from the U.S. Congress, prosecutors and regulators over its drug pricing, business practices and accounting practices — issues that have caused its share price to plummet almost 90 percent since August.