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Valeant Pharmaceuticals reported a better-than-expected quarterly profit on strength in its Bausch and Lomb eye-care business, and the Canadian drugmaker maintained its full-year adjusted earnings forecast.
The company's U.S.-listed shares were up 16 percent in premarket trading on Tuesday.
Valeant maintained its forecast for full-year adjusted earnings before interest, taxes, depreciation, and amortization of $3.60 billion to $3.75 billion, even as it divests assets to reduce its debt pile, accumulated during former CEO Michael Pearson's deal-making spree.
The company said on Tuesday it reduced total debt by about $6 billion between the end of the first quarter of 2016 and Nov. 7. The company said total long-term debt, net of unamortized discounts and issuance costs, stood at $27.14 billion.
Laval, Quebec-based Valeant also said it had eliminated all long-term debt maturities until 2020 and all mandatory amortization requirements.
"Valeant is a very different company today than it was a year ago ... We realize there is more progress to be made," Chief Executive Joseph Papa said in a statement.
The company has been rebuilding its business after coming under fire for its steep drug price hikes and the unorthodox use of a specialty pharmacy to boost sales.
Net income attributable to Valeant was $1.30 billion, or $3.69 per share, in the third quarter ended Sept. 30, compared with a loss of $1.22 billion, or $3.49 per share, a year earlier.
The reported quarter included a tax benefit of about $1.4 billion, the company said.
Excluding items, the company earned $1.04 per share, according to Thomson Reuters I/B/E/S calculation, above analysts' average estimate of 88 cents.
Total revenue fell 10.5 percent to $2.22 billion, largely due to volume decreases in its U.S. diversified products and branded businesses, but beat the estimate of $2.15 billion.
Valeant's U.S. shares are down 17 percent this year.