Valeant shares jumped 17% after announcing $1.3bn quarterly profit

Having released its Q3 2017 results, pharmaceutical firm Valeant saw its shares surge 17%, after the Canadian company cited a strong quarterly performance with a net profit of $1.3bn.

The 17% jump equated to a $2.66 rise in Valeant’s share price to $18.09, driven by strong performance across the firm’s operations.

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“Driven by solid execution in our Bausch Lomb/International segment and our Salix business, we delivered strong organic revenue growth across approximately 77% of our business in the quarter,” said Joseph Papa, Chairman and CEO of Valeant.

The profit marks a significant turning point for the company, having recorded a $1.22bn loss just one year ago.

“Our strong third-quarter performance demonstrates our continued progress in the turnaround of Valeant,” Papa continued.

"Valeant is a very different company today than it was a year ago. Under a new management team, we have strengthened our balance sheet and stabilized the Company by simplifying our business and allocating resources more efficiently.”

Since Q1 2016, the firm has cut its total debt by $6bn, now currently standing at $27.4bn.