Shares of Valeant Pharmaceuticals (VRX) are up 4% Wednesday after the company received preliminary approval for its psoriasis treatment and approval for its opioid-induced constipation treatment.

There's been so much negative news around this stock throughout 2016, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. Investors could easily overlook the fact that these two drugs could bring in $1.5 billion in potential revenue.

If there's a savior for Valeant, it will be new drugs and treatments, Cramer reasoned. While this is a good day for the company, the focus for investors will remain on its debt, which continues to weight significantly on the stock. Decreasing that debt will be a key to Valeant's survival.

Shares are still down more than 75% this year.

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.