Drugmaker Valeant raises profit forecast; shares spike
Laval, Quebec-based Valeant said it expected 2017 earnings before interest, tax, depreciation and amortization of $3.60 billion to $3.75 billion, excluding special items. The results came after billionaire investor William Ackman sold his entire stake in Valeant in March at a loss of more than $3 billion. Refinancing has created a more comfortable repayment schedule, Chief Financial Officer Paul Herendeen said.
