LAVAL, Quebec—Valeant Pharmaceuticals International (NYSE: VRX) (TSX: VRX), parent of Bausch + Lomb, reported Tuesday that total revenues in its second quarter declined 8 percent to $2.23 billion from $2.42 billion in the second quarter of 2016. The company attributed the decrease to lower volume and price in its U.S. diversified products segment, among other factors.

In the quarter ended June 30, the company’s net loss was $38 million, which compares with a $302 million loss in the year-ago period, an improvement of $264 million, according to Valeant’s announcement. “The decrease in net loss primarily reflects the increase in recovery for income taxes, increase in operating income and the net change in foreign exchange,” Valeant reported.

In the company’s Bausch + Lomb/International segment, second-quarter sales totaled $1.24 billion, a decrease of 3 percent (or $36 million) compared with $1.28 billion in the year-ago period. Excluding the impact of the divestiture of the skincare business and foreign exchange, the Bausch + Lomb/International segment organically grew by approximately 6 percent in the quarter, the company reported. Valeant attributed this growth to the “performance in China, Europe and Africa/Middle East and the Global ophthalmology business.”

“The investments we are making in our core business are delivering results,” Valeant chairman and chief executive officer Joseph C. Papa said in the announcement. “The Bausch + Lomb/International segment and Salix business, which together represented 73 percent of our revenue in the quarter, delivered strong organic growth, and we are continuing to reduce debt and resolve legacy issues.”

Papa also noted that Valeant was maintaining the previous guidance range on its full-year adjusted EBITDA “despite the impact of divestitures we've made this year.” Among the other highlights of the quarter, according to Valeant’s announcement:

• A stronger balance sheet, with debt reduced by more than $4.8 billion since the end of the first quarter of 2016.

• Expectations to exceed commitment to pay down $5 billion in debt from divestiture proceeds and free cash flow before February 2018.

• Revenue growth in the Bausch + Lomb business in China of 4 percent compared with the year-ago second quarter “despite currency headwinds.” Organic revenue growth in this business of 9 percent compared to the second quarter of 2016, which was driven by volume gains.

• Introduced Bausch + Lomb Renu Advanced Formula multi-purpose contact lens solution.

• FDA new-drug filing for Luminesse (brimonidine tartrate ophthalmic solution, 0.025%) with a decision date of Dec. 27.

• Received FDA 510(k) clearances for Vitesse and Stellaris Elite Vision Enhancement System.