Valeant Pharma Maintains Full-year Adj. EBITDA Guidance - Quick Facts

(RTTNews) - Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) updated its full-year revenue guidance in the range of $8.65 - $8.80 billion from a prior range of $8.70 - $8.90 billion. The company noted that it has maintained full-year Adjusted EBITDA guidance in the range of $3.60 - $3.75 billion despite asset divestitures.

Adjusted EBITDA was $951 million for the third quarter of 2017, compared to $1.16 billion for the third quarter of 2016, a decrease of $212 million, primarily due to revenue declines coming from the loss of exclusivity impact on the U.S. Diversified Products segment, volume declines in the Ortho Dermatologics business and the previously announced divestitures, partially offset by lower Selling, General and Administrative and Research and Development expenses. GAAP profit per share for the third quarter of 2017 was at $3.69 compared to a loss of $3.49 in the third quarter of 2016.

Third-quarter total revenues were $2.22 billion, compared to $2.48 billion in the third quarter of 2016, a decrease of 10%. The company said the decrease was primarily driven by decreases in volume in the U.S. Diversified Products and Branded Rx segments attributed to the previously reported loss of exclusivity for a basket of products and also reflects the impact of divestitures and discontinuations and the unfavorable impact of foreign exchange. The decline was partially offset by increased sales in our Bausch + Lomb/International segment and Salix business.

"Our strong third-quarter performance demonstrates our continued progress in the turnaround of Valeant. Driven by solid execution in our Bausch + Lomb/International segment and our Salix business, we delivered strong organic revenue growth across approximately 77% of our business in the quarter," said Joseph Papa, CEO, Valeant.

Shares of Valeant Pharma were up 12% in pre-market trade Tuesday.