UPDATE 3-Valeant to file quarterly report by June 10, reiterates forecast

(Adds comments from Caisse, updates shares)
By Ankur Banerjee and Allison Lampert
May 9 (Reuters) - Valeant Pharmaceuticals International Inc (NYSE:VRX)
VRX.TO VRX.N said on Monday it expected to file its
first-quarter report with U.S. and Canadian regulators on or
before June 10, ahead of a July 31 deadline, and reiterated its
first-quarter forecasts.
Embattled Valeant filed its 2015 financial report last
month, allaying concerns about a possible default on the
company's debt of more than $30 billion.
The company missed an original March 15 deadline to file its
annual report, citing an in-house review of its accounting
practices. The probe found problems dating back to 2014.
Valeant, whose U.S. shares were down 3 percent in afternoon
trading, also said on Monday it expected filings for the second
quarter ending June 30 and thereafter to be filed on time.
The Laval, Quebec-based company, which also reiterated its
first-quarter revenue and adjusted earnings forecasts, is under
scrutiny from the U.S. Congress, prosecutors and regulators over
its drug pricing, business practices and accounting.
Valeant said in March that it expected first-quarter
adjusted earnings of $1.30-$1.55 per share and revenue to be in
the range of $2.3 billion-$2.4 billion.
Analysts on average expect earnings of $1.36 per share and
revenue of $2.36 billion, according to Thomson Reuters I/B/E/S.
The drugmaker said last month that Joseph Papa, former chief
executive of Perrigo Co (NYSE:PRGO) Plc PRGO.N , would replace Michael
Pearson (LON:PSON) as CEO.
Pearson's frenzied dealmaking fueled double-digit profit
growth at Valeant until the disclosure last fall of its
controversial relationship with a specialty drug distributor,
and its strategy of sharply increasing drug prices drew
criticism.
Michael Sabia, chief executive of Canada's second-largest
pension fund manager on Monday called Valeant "a business built
to satisfy the short-term impulses of equity managers in the
public markets."
Sabia, CEO of Caisse de dépôt et placement du Québec, said
the fund which oversees C$248 billion in assets, owned a small
amount of Valeant stock which they sold "at the right time"
before the price collapsed.
"It is the poster child of what can happen when the focus of
capital markets is on the short term," Sabia said at the CFA
Institute's annual conference.
Valeant's U.S. shares were trading at $28.99, a far cry from
their August high of $263.70.
The company's shares sank earlier this year after it said it
would delay filing its 2015 financial report, opening the door
to possible default on its debt.
The company's Toronto-listed shares were down 2.4 percent at
C$37.65.