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Valeant Reports 2nd Quarter Loss

Valeant Pharmaceuticals, parent company of Bausch + Lomb, is reporting 2nd quarter numbers that show a net loss of $302 million and sales of $2.4 billion, a decline of 11 percent in revenues from this time last year.

The Canadian-based pharmaceutical company did maintain its full-year guidance.

The newly appointed Chairman and CEO Joseph Papa, says that Valeant continues to make progress toward stabilizing the organization. He also announced a new strategic direction for the company and said that although it will take time to implement a turnaround plan, he is confident the company will show progress in the coming quarters.

Valeant also announced the divestiture of some assets, including the U.S. equipment manufacturing arm of Synergetics, which is part of Bausch + Lomb.

The company's shares rallied on the outlook, up about 16 percent at midday.

Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.