Valeant Cuts Debt Load to $25.7 Billion at End of 2017

By Colin KellaherFeaturesDow Jones Newswires

Valeant Pharmaceuticals International Inc. (VRX) on Wednesday said it paid down another $300 million of its senior secured term loans, paring its debt load to about $25.7 billion at the end of 2017.

The struggling pharmaceutical giant said it has reduced its debt by more than $6.5 billion since the end of the first quarter of 2016.

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Valeant has been beset by corporate turbulence since 2015, a span when its drug-price increases and accounting were attacked, top executives were ousted, and its market capitalization nose-dived.

"We have reduced our debt by an additional $300 million due to ongoing strong cash flow from operations," Valeant said, adding that it will continue to invest in core businesses in 2018.

Valeant shares rose 2.6% in early trading Wednesday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

January 03, 2018 09:53 ET (14:53 GMT)