UPDATE 2-Canada's Valeant gains from new deals, raises 2013 outlook

Wed Aug 7, 2013 10:16am EDT
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* Sees 2013 adj earnings/shr $6.00-$6.20, up from $5.55-$5.85

* Sees full-year revenue $5.8 bln-$6.2 bln

* Second-qtr revenue rises 34 pct to $1.1 billion

* Sees smaller deals for rest of 2013

By Krithika Krishnamurthy and Rod Nickel

Aug 7 (Reuters) - Valeant Pharmaceuticals International Inc , Canada's biggest publicly traded drugmaker, raised its full-year adjusted earnings forecast for the second time and reported a quarterly profit, boosted by sales from its skin-care acquisitions.

The company has aggressively pursued acquisitions since its 2010 takeover by Biovail Corp, which assumed the Valeant name. Valeant bought contact lens maker Bausch & Lomb Holdings Inc for $8.7 billion in the second quarter.

Valeant has favored businesses where patients often pay out-of-pocket, such as dermatology and opthalmology, cutting its exposure to cost-sensitive insurers.

The company said it now expects a 2013 adjusted profit, which it calls cash earnings, of $6.00-$6.20 per share, up from its prior estimate of $5.55-$5.85. Analysts were expecting, on average, adjusted profit of $5.93, factoring in the accretive acquisition of Bausch & Lomb, according to Thomson Reuters I/B/E/S.   Continued...