Valeant Pharma (NYSE: VRX) reported Q4 EPS of $1.26, $0.05 better than the analyst estimate of $1.21. Revenue for the quarter came in at $2.4 billion versus the consensus estimate of $2.34 billion.

GUIDANCE:

Valeant Pharma sees FY2017 revenue of $8.9-9.1 billion, versus the consensus of $8.97 billion.

Adjusted EBITDA (non-GAAP) in the range of $3.55 billion - $3.70 billion

"Today, we announced financial results that delivered on expectations and demonstrated our commitment to creating the new Valeant," said Joseph C. Papa, Chairman and Chief Executive Officer. "Over the past few months, our teams worked to stabilize and strengthen our core businesses, resolve legacy issues, improve operational processes, launch new products, and improve the balance sheet and capital structure. We paid all 2017 amortizations and reduced debt by $519 million in the fourth quarter. We agreed to divest a number of assets, including several skincare brands, our Dendreon business and smaller international interests. The U.S. Food and Drug Administration (FDA) approved our new psoriasis treatment, SILIQ™, and we resubmitted our glaucoma treatment, latanoprostene bunod in February 2017.

"Bill Humphries recently joined our Dermatology business as Executive Vice President and we believe he has the talent and experience to grow the business. With our Walgreens fulfillment arrangement, we continue to see improvements in average sales prices (ASP) that are encouraging to us. We have worked to stabilize our sales force, while also expanding it to include primary care physicians to help us reach patients whose lives we believe can be improved with our healthcare products. We are pleased to report that the remediation at the Bausch + Lomb manufacturing site in Tampa was recently completed. Now, more than ever, we believe that with the right people, products and processes in place, we are well poised for a turnaround in 2017; we have a lot to look forward to and are excited about the future."

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