MONTREAL—Shares of Valeant Pharmaceuticals International Inc. surged more than 16 per cent Tuesday after the drugmaker reported a $1.3-billion (U.S.) profit boosted by a tax gain as it approaches the halfway mark in its turnaround plan. Valeant’s shares gained $2.55 or 16.5 per cent at $17.98 in morning trading. The Quebec-based company, which reports in U.S. dollars, said the profit for the three months ending Sept. 30 amounted to $3.69 (U.S.) per diluted share. That compared with a loss of $1.22 billion or $3.49 per diluted share a year ago. “While there is more work to do to complete this turnaround to be clear, Valeant today is a stronger company than it was a year ago,” chairman and CEO Joseph Papa said during a conference call.

Source: thestar November 07, 2017 18:00 UTC