New York

VALEANT Pharmaceuticals International Inc cut its earnings guidance for next year and said it will pay down debt as the drugmaker tries to end questions about how it distributed many of its products.

Valeant said in a statement that its primary measure of profits, adjusted Ebitda, or earnings before interest, tax, depreciation and amortisation, will be US$6.9 billion to US$7.1 billion, down from the US$7.5 billion it predicted on Oct 26. Fourth-quarter earnings per share will be US$2.55 to US$2.65, down from the US$4 to US$4.20 it predicted on Oct 19.