Valeant Pharma promises to do better with deadlines

Shares of Valeant Pharmaceuticals are sharply higher after the embattled drug company promised to do better with financial filing deadlines.

It’s a problem that had some debt holders declaring the company in default earlier this year.

The Canadian company also reiterated first-quarter earnings guidance of $1.30 to $1.55 per share Monday.

Valeant will file its first-quarter statement with regulators several weeks before deadline. It also expects to submit future quarterly filings on time.

Valeant posted long-overdue results from 2015 late last month as it wrestles with a number of government investigations and a plunging stock price.

Shares of Valeant Pharmaceuticals International Inc. climbed 3 per cent, or 96 cents, to $30.82 in early trading.