LAVAL, Que. -- Valeant Pharmaceuticals International (TSX:VRX) says its second-quarter loss was reduced dramatically to US$38 million as the company progressed on its debt-reduction and divestment programs.
The loss, reported in U.S. currency, amounted to 11 cents per share under general accounting principles.
That's down from the year-earlier loss of 88 cents per share or $302 million for the 2016 second quarter.
Valeant's revenue also declined year-over-year, to US$2.23 billion from US$2.42 billion and adjusted earnings fell to $951 million for the second quarter of 2017, from $1.09 billion last year.
The company attributed the decline in revenue and adjusted earnings to several factors, including lower prices for some products and the divestiture of a skin care business within its Bausch + Lomb International business unit.
Valeant also lowered its 2017 revenue guidance range to between $8.70 billion and $8.80 billion, from between $8.90 billion and $9.10 billion, citing the impact of its divestitures -- which are key to reducing its debt load and improving profit margins.
The company says its still on track to achieve between US$3.60 billion and $3.75 billion in adjusted earnings this year.
Valeant's stock briefly surged above $23 to a 2017 high, late in the quarter, after the company completed the sale of its Dendreon subsidiary for US$819.9 million cash. But the shares have since fallen back, closing Friday at $19.15.
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