Canada’s Valeant Pharmaceuticals reported a first-quarter profit, compared with a year-ago loss, due to an income tax benefit, and the drugmaker also raised its full-year adjusted EBITDA forecast.
Valeant’s U.S.-listed shares jumped about 12 percent in premarket trading on Tuesday.
The company said it now expects 2017 adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $3.60 billion to $3.75 billion, up from its previous forecast of $3.55 billion to $3.70 billion.
