Canada's Valeant Pharmaceuticals reported a first-quarter profit, compared with a year-ago loss, due to an income tax benefit, and the drugmaker also raised its full-year adjusted EBITDA forecast.
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 billion to $3.75 billion, up from its previous forecast of $3.55 billion to $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.