Valeant files overdue financial report, ending debt default

Valeant Pharmaceuticals has filed its long-overdue financial report for 2015, plus restated results for several quarters, resolving its default on some of its $30 billion in debt and averting other problems. The filings with the U.S. Securities and Exchange Commission confirm that the Canadian...

Valeant Pharmaceuticals has filed its long-overdue financial report for 2015, plus restated results for several quarters, resolving its default on some of its $30 billion in debt and averting other problems.

The filings with the U.S. Securities and Exchange Commission confirm that the Canadian drugmaker was aggressive not just in hiking prices of older medicines, but also in stating revenue prematurely.

The financial reports resolve just one of Valeant's troubles, which include having several executives grilled by Congress Wednesday on Valeant's strategy of jacking up prices of medicines many times prior levels. Valeant is dealing with three federal probes into its accounting and business practices, a huge stock plunge and insurers demanding bigger discounts from its inflated drug list prices, as activist investor Bill Ackman and others attempt a turnaround.

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