Company News

Valeant revenue falls 8 pct

Aug 8 (Reuters) - Canada’s Valeant Pharmaceuticals International Inc reported a 7.8 percent fall in quarterly revenue, hurt by declines in volume and pricing of its generic and neurology products.

Revenue fell to $2.23 billion from $2.42 billion in the second quarter ended June 30.

Net loss attributable to Valeant narrowed to $38 million from $302 million, a year earlier. The decrease in net loss is mainly due to income tax gains and increase in operating income.

Chief Executive Joseph Papa has narrowed Valeant’s focus to its dermatology, eye care and gastrointestinal businesses by divesting other assets to repay debt, which ballooned to nearly $30 billion following a furious spate of deal-making under former CEO Mike Pearson. (Reporting by Natalie Grover in Bengaluru; Editing by Saumyadeb Chakrabarty)