Revenue during the quarter dropped 12.87 percent to $2,403 million from $2,758 million in the previous year period. Gross margin for the quarter contracted 121 basis points over the previous year period to 72.33 percent. Total expenses were 93.72 percent of quarterly revenues, down from 93.91 percent for the same period last year. This has led to an improvement of 19 basis points in operating margin to 6.28 percent.

Operating income for the quarter was $151 million, compared with $168 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $1,045 million compared with $1,374 million in the prior year period. At the same time, adjusted EBITDA margin contracted 633 basis points in the quarter to 43.49 percent from 49.82 percent in the last year period.

"Today, we announced financial results that delivered on expectations and demonstrated our commitment to creating the new Valeant, said Joseph C. Papa, chairman and chief executive officer. "Over the past few months, our teams worked to stabilize and strengthen our core businesses, resolve legacy issues, improve operational processes, launch new products, and improve the balance sheet and capital structure. We paid all 2017 amortizations and reduced debt by $519 million in the fourth quarter. We agreed to divest a number of assets, including several skincare brands, our Dendreon business and smaller international interests. The U.S. Food and Drug Administration (FDA) approved our new psoriasis treatment, SILIQ™, and we resubmitted our glaucoma treatment, latanoprostene bunod in February 2017.

Valeant Pharmaceuticals International expects revenue to be in the range of $8,900 million to $9,100 million for financial year 2017.