Valeant is leaping after reporting mixed earnings

Troubled drugmaker Valeant Pharmaceuticals is taking off after the company reported mixed earnings on Tuesday morning.

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 organisation,” 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 reorganising 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.

NOW WATCH: Watch the Air Force drop 8 armoured Humvees out of a plane from 5,000 feet

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.