Valeant Posts 2Q Loss but Revenue Grows 35 Percent
From Associated Press (August 2, 2012)
WASHINGTON -- Valeant Pharmaceuticals Inc., Canada’s largest drug maker, reported a second-quarter loss Thursday on expenses from a string of recent acquisitions. Its revenue increased 35 percent driven by sales of new products, particularly dermatology drugs.
Valeant has been on a buying spree in recent months, acquiring the dermatology division of French drug maker Sanofi for $425 million in December. It also struck a deal to buy Russian drug company Natur Produkt for $180 million and Brazilian sports nutrition and food supplement maker Probiotica for $86 million.
Sales of those and other new products offset declines of the company’s neurology drugs like Wellbutrin and Diastat, which are now facing generic competition.
Valeant reported a net loss of $21.6 million, or 7 cents per share in the quarter ended June 30. It reported net income of $56.36, or 17 cents per share, a year ago. Revenue grew to $820.1 million compared with $609.4 million a year earlier.
The company raised its full-year earnings guidance to between $4.55 and $4.74 per share, up from $4.45 to $4.70 per share.
U.S. shares of the Montreal-based company rose 27 cents to
$47.19 in midday trading after rising as high as $49.50 earlier in
Posted: August 2012