February 27, 2012 / 1:28 PM / 6 years ago

Valeant posts profit on acquisitions

TORONTO (Reuters) - Canada’s Valeant Pharmaceuticals International VRX.TO 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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below