On Tuesday, Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX), announced its financial results for the first quarter of 2017, reporting its first profit in six quarters. Shares of the company jumped around 21% after the announcement.
In the report, revenue for the first quartet dropped from $2.37 billion to $2.11 billion, which was below the estimates of $2.18 billion. Net income was $628 million, or $1.79 per share, in the first quarter, compared with a loss of $374 million, or $1.08 per share a year earlier. The results beat estimate of $0.87 per share. In addition, the company reduced its long-term debt by $1.3 billion in the recent quarter, and reached $28.54 billion.
For the full-year 2017, excluding special items, the company expected the EBITDA to be between $3.60 billion and $3.75 billion from previous estimates of between $3.55 and $3.70 billion.
“Our first quarter performance demonstrates that we are delivering on our commitments. We met our internal expectations, and we are continuing to make progress on our key initiatives, focus on the turnaround of our core businesses and improve internal operating efficiencies,” Joseph C. Papa, the chairman and chief executive officer of Valeant, said in the statement.
“Our divestiture efforts and cash flow generation have led to a $3.6 billion reduction in total debt to date, since the end of the first quarter of 2016, and our successful debt refinancing provides us with a more comfortable maturity profile,” he said.