Revenue during the quarter dropped 11.09 percent to $2,109 million from $2,372 million in the previous year period. Gross margin for the quarter contracted 170 basis points over the previous year period to 71.74 percent. Total expenses were 90 percent of quarterly revenues, down from 97.22 percent for the same period last year. This has led to an improvement of 722 basis points in operating margin to 10 percent.

Operating income for the quarter was $211 million, compared with $66 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $861 million compared with $1,008 million in the prior year period. At the same time, adjusted EBITDA margin contracted 167 basis points in the quarter to 40.83 percent from 42.50 percent in the last year period.

"Our first quarter performance demonstrates that we are delivering on our commitments. We met our internal expectations, and we are continuing to make progress on our key initiatives, focus on the turnaround of our core businesses and improve internal operating efficiencies,” said Joseph C. Papa, chairman and chief executive officer, Valeant. "Our divestiture efforts and cash flow generation have led to a $3.6 billion reduction in total debt to date, since the end of the first quarter of 2016, and our successful debt refinancing provides us with a more comfortable maturity profile."