Canada's Valeant posts loss, cuts 2013 sales forecast

Thu Oct 31, 2013 7:39am EDT
 
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(Reuters) - Valeant Pharmaceuticals International Inc (VRX.TO: Quote) (VRX.N: Quote) posted a quarterly net loss that it attributed in part to restructuring and impairment charges, and Canada's biggest publicly traded drugmaker cut its full-year revenue outlook.

Valeant's U.S.-listed shares fell nearly 4 percent in trading before the bell on Thursday.

The company expects full-year revenue of $5.7 billion to $5.9 billion, down from its earlier forecast of $5.8 billion to $6.2 billion.

Valeant also tightened its full-year adjusted profit range to between $6.11-$6.16 per share, compared with its prior estimate of $6.00-$6.20 per share.

The company posted a third-quarter net loss of $973.2 million, or $2.92 per share, compared with a profit of $7.6 million, or 2 cents per share, a year earlier.

The loss includes a restructuring charge of $305 million primarily related to Valeant's acquisition of contact lens maker Bausch & Lomb and an impairment charge of $645 million.

The loss also includes a $142.5 million payment to Anacor Pharmaceuticals Inc ANAC.O as part of an agreement to settle a breach of contract dispute.

Valeant has aggressively pursued acquisitions since its 2010 takeover by Biovail Corp, which assumed the Valeant name. It has favored segments where patients often pay out of pocket, like ophthalmology and dermatology, cutting its exposure to cost-sensitive insurers.

Third-quarter cash earnings, or profit adjusted for one-time items, was $486 million, or $1.43 per share.   Continued...