Valeant Pharmaceuticals (NYSE: VRX) raised its 2018 forecast for revenue on Tuesday and said it would change its name to Bausch Health Companies to reflect the name of its best-performing optical products unit.
Valeant, under new Chief Executive Officer Joseph Papa, has been working to restore investor confidence after several investigations into the company's accounting and pricing practices hit its shares.
U.S.-listed shares of the Canadian drug maker, which has lost nearly 93% of value from its 2015 highs, rose 5.4% to $19.14 in trading before the bell.
The company said it would change its name, roll out a new corporate brand identity and trade under the new ticker symbol of "BHC" July 2018.
"Becoming Bausch Health Companies is a major step forward in our transformation," said Papa. "The Bausch name embodies the rich history of innovation, fortitude and dedication to patient health dating back to when J.J. Bausch opened his first optical goods shop more than 165 years ago."
The company also raised its full-year revenue forecast range to $8.15 billion to $8.35 billion from $8.10 billion to $8.30 billion, partly helped by performance of its Bausch and Lomb unit.
Net loss attributable to the company was at $2.69 billion, or $7.68 per share, in the quarter ended March 31, compared with a profit of $628 million, or $1.79 per share, a year earlier.
Total revenues fell 5.4% to $1.96 billion.
This morning, Valeant stock rocketed $2.23, or 12.3%, to $20.40
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