Valeant On Track With Debt-Reduction Goals, But Will It Be Enough?

Valeant Pharmaceuticals International Inc. reported mixed results at best during its first quarter 2017 earnings call May 9, but investors heard something they liked as the specialty firm's share price increased 24% during the day's trading. The Canadian company's main talking points were that it remains on track with its debt-reduction goals and that its revamped dermatology division is ready to help drive a sales comeback behind products like the recently improved Siliq.

Chief Financial Officer Paul Herendeen noted that Valeant reduced its overall debt – which is still nearly $29bn – by $1.3bn during the first quarter, and accomplished an additional $220m in debt trimming during the first week of May. This brings Valeant's progress on the debt front to a net $3.6bn reduction since the end of the first quarter of 2016