Why Valeant Pharmaceuticals International Stock Is Shooting Higher Today
Valeant Pharmaceuticals International (NYSE: VRX) stock is up by double-digits today on heavy volume as the result of a better-than-expected third-quarter earnings release. Although the company reported a $260 million dip in year-over-year revenue due to weakness in both its U.S. diversified products and branded drug segments, investors appear to be pleased that the drugmaker is aggressively addressing its debt problem.
Specifically, Valeant reported that asset divestures, in part, helped to greatly accelerate the company's stated timeline of paying off at least $5 billion in debt by Feb. 2018 during the three-month period. As of 11:34 a.m. EST, Valeant's shares are up by 14.34% on this news.
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Source: Fool.com
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