Drugmaker Valeant reports better-than-expected profit

Mon Oct 20, 2014 7:26am EDT
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Oct 20 (Reuters) - Canada's Valeant Pharmaceuticals International Inc , embroiled in a bitter fight to take over Botox-maker Allergan Inc, posted a better-than-expected quarterly profit, helped by strong sales in all its markets.

Valeant posted a profit attributable to the company of $275.4 million, or 81 cents per share, in the third quarter ended Sept. 30, compared with a loss of $973.2 million, or $2.92 cents per share, a year earlier.

In the year-earlier quarter, the company took a restructuring charge of $305 million, primarily related to the acquisition of Bausch & Lomb, and an impairment charge of $645 million.

Cash earnings, or profit adjusted for one-time items, was $2.11 per share, above the average analyst estimate of $1.99 per share, according to Thomson Reuters I/B/E/S. (Reporting by Rod Nickel in Winnipeg, Manitoba and Ashutosh Pandey in Bangalore; Editing by Saumyadeb Chakrabarty)