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Valeant files overdue financial report, ending debt default

 
Published April 30, 2016

Valeant Pharmaceuticals on Friday filed its long-overdue U.S. financial report for 2015, plus restated results for several quarters, resolving its default on some of its $30 billion in debt and averting other problems.

The badly tarnished Canadian drugmaker's agreements with its note and bondholders required the company to file its annual financial report with the U.S. Securities and Exchange Commission in March. Missing that deadline led some debt holders to declare Valeant in default and wring higher interest rates out of the company. Valeant is dealing with three federal investigations into its accounting and business practices, a huge stock-price plunge and insurers demanding bigger discounts from its inflated drug list prices.

Valeant's corrected 2015 financial report states that it had a net loss of $287.8 million, versus net income of $879.4 million in 2014. Revenue totaled $10.45 billion, up 27 percent from a restated $8.21 billion in 2014.