Valeant Pharmaceuticals Intl Inc (NYSE:VRX) stock was taking off today on a strong earnings report for the third quarter of 2017.

The good news for VRX stock starts off today with net income of $1.30 billion for the third quarter of the year. This is a major improvement over the net loss of $1.22 billion that was reported by Valeant Pharmaceuticals Intl Inc in the third quarter of 2016.

Operating income reported by Valeant Pharmaceuticals Intl Inc in the third quarter of 2017 was $38 million. The pharmaceutical company reported an operating loss of $863 million in the same period of the year prior.

When it comes to revenue for the third quarter of the year, Valeant Pharmaceuticals Intl Inc reported $2.22 billion. This is down 10% from its revenue of $2.48 billion from the same time last year. The company notes that revenue was down on weakened sales in its Branded Rx and U.S. Diversified Products segments.

Despite the decline in revenue for the third quarter of the year, Valeant Pharmaceuticals Intl Inc did note that there was a positive from one of its segments. The company’s Bausch + Lomb/International segment saw sales for the quarter increase from $1.24 billion in 2016 to $1.25 billion in 2017.

VRX stock was also up today even though the company lowered its outlook for 2017 in its most recent earnings report. It now expects revenue for the year to range from $8.65 billion to $8.80 billion. It was previously expecting revenue to come in between $8.70 billion and $8.90 billion.

Valeant Pharmaceuticals Intl Inc also recently announced the sale of Sprout to former shareholders of the company. The deal includes a 6% royalty on global sales of ADDYI, which is a pill to treat  hypoactive sexual desire disorder in women.

VRX stock was up 15% as of noon Tuesday, but is down 3% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.