Valeant posts profit on acquisitions

Mon Feb 27, 2012 9:04am EST
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TORONTO (Reuters) - Canada's Valeant Pharmaceuticals International (VRX.TO: Quote) posted a quarterly profit on Monday, as acquisitions and growth in the drugmaker's dermatology business boosted revenue, offsetting the impact of a stronger U.S. dollar.

The Mississauga, Ontario-based company has been on the acquisition trail since Biovail Corp, Canada's largest publicly owned pharmaceutical company, took over U.S.-based Valeant and assumed the Valeant name.

For the fourth quarter ended December 31, net income was $55.9 million, or 18 cents a share, compared with a net loss of $31.1 million, or 10 cents, a year ago. Revenue rose 34 percent to $688.5 million.

Adjusted cash income was $297.7 million, or 94 cents a share. Analysts, on average, had expected earnings of 85 cents a share, according to Thomson Reuters I/B/E/S.

(Reporting by Allison Martell in Toronto and Bhaswati Mukhopadhyay in Bangalore; Editing by Frank McGurty)