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Company News

Valeant reports profit in 4th quarter on $1.3 billion tax benefit

Feb 28 (Reuters) - Valeant Pharmaceuticals on Wednesday reported a profit in the fourth quarter compared to a year-earlier loss, as it booked a one-time benefit because of new U.S. tax laws.

The Canada-based drugmaker reported a net income of $513 million or $1.45 per share in the quarter ended Dec. 31, compared to a loss of $515 million or $1.47 per share a year earlier.

It recorded a one-time benefit from income taxes of $1.32 billion. (Reporting by Manas Mishra in Bengaluru; Editing by Sai Sachin Ravikumar)

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