Valeant is leaping after reporting mixed earnings
Valeant earned an adjusted $1.40 per share ($1.47 expected) on revenue of $2.42 billion ($2.46 billion expected) during the second quarter. The firm did, however, beat on GAAP earnings with a loss of $0.88 (-$0.92 expected).
"We continue to make progress towards stabilizing the organization," said CEO Joseph Papa in a press release accompanying the earnings.
"We are also announcing a new strategic direction for Valeant today, which, at its heart has a mission to improve patients' lives, and will involve reorganizing our company and reporting segments."
Valeant also re-affirmed its guidance for the year: revenue of $9.9 to $10.1 billion and adjusted full-year earnings of $6.60 to $7.00 a share.
The earnings come after a year in which Valeant saw its business practices come under fire from short sellers, the US Senate, and presidential candidates. Financial misstatements also led to the removal of top executives and a monumental stock price drop.
Following the news, Valeant's stock jumped 6.64% in pre-market trading as of 8:15 a.m. ET to $23.94 a share.
