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Valeant making 'tangible progress towards a turnaround,' says CEO

Valeant Pharmaceuticals International Inc. CEO Joseph Papa said the company is delivering on its commitments and "making tangible progress towards a turnaround."

The drugmaker plans to beat its pledge to reduce $5 billion of debt from divestiture proceeds and free cash flow before February 2018, leaving the company with no significant debt maturities and no mandatory amortization requirements until 2020.

Papa said on an Aug. 8 earnings call that the company is continuing to reduce debt and resolve legacy issues.

Valeant's second-quarter adjusted net income fell to $362 million from $460 million a year ago.

The U.S. Food and Drug Administration recently rejected the company's investigative eye drops for patients with open angle glaucoma or ocular hypertension.