BUZZ-Valeant Pharmaceuticals: To report Q1 results on June 7

Wed Jun 1, 2016 11:53am EDT
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** Canadian drugmaker's U.S.-listed shares up 8.4 pct at $30.85

** Company says will host conference call on June 7 to discuss Q1 results and reiterated it expects to file its quarterly report with U.S. and Canadian regulators on or before June 10, ahead of a July 31 deadline

** "Although visibility remains low for Valeant's business, we forecast that the company should finish 1Q16 at the top half of its guidance," BMO Capital Markets analyst writes in note

** Michael Pearson, the former chief executive of Valeant, will receive a $9 million severance payment and agreed to a consulting agreement worth hundreds of thousands of dollars, according to a document filed with regulators

** "We believe this is positive because it should facilitate the transition for Valeant's new CEO," BMO writes

** Up to Tuesday's close, stock had fallen 72 pct this year