November 3, 2011 / 1:03 PM / 7 years ago

UPDATE 1-Valeant returns to profit as revenue surges

(Figures in U.S. dollars)

Nov 3 (Reuters) - Valeant Pharmaceuticals (VRX.TO) reported a third-quarter profit on Thursday after a loss a year earlier when restructuring charges and other costs hurt the drugmaker’s results.

The specialty drugmaker, formed a year ago after Biovail bought U.S.-based Valeant and assumed the Valeant name, said its revenue in the quarter more than doubled, largely due to gains from the merger. Quarterly revenue was $600.6 million, up from $208.3 million, a year earlier.

The Mississauga, Ontario-based drugmaker said its generics business and its U.S. dermatology division are both performing better than expected.

Net income in the quarter ended Sept. 30 was $40.9 million or 13 cents a share. That compared with a year-earlier loss of $207.9 million or $1.27 a share.

The company narrowed its 2011 cash earnings forecast to 2.80 to $2.95 a share, from a prior range of $2.70 to $3.00 a share.

Valeant said the prior forecast included a potential $45 million milestone payment from GlaxoSmithKline (GSK.L) in the fourth quarter for the U.S. launch of epilepsy drug Potiga. However, the launch and subsequent milestone payment is now expected to occur in the first quarter of 2012, Valeant said. (Reporting by Euan Rocha)

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