Valeant Pharmaceuticals beats 2Q expectations, raises profit estimates for the year

Markets Associated Press

Valeant Pharmaceuticals turned in quarterly results that topped analysts' estimates on Thursday, as adjusted earnings and sales climbed.

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The company also raised its forecast for full-year profit and revenue. The company now expects earnings in the range of $11.50 to $11.80 per share in 2015, with revenue ranging from $10.7 billion to $11.1 billion.

J. Michael Pearson, the company's CEO, said in a statement that its recent acquisitions and progress in developing new products left executives feeling "confident in raising our guidance for the remainder of 2015."

The news sent Valeant's stock up $11.03, or 4.6 percent, to $249.95 in afternoon trading Thursday.

A sharp rise in interest expenses led Valeant Pharmaceuticals International Inc. to post a loss of $53 million in the second-quarter, versus net income of $125.8 million in the same period a year earlier. Adjusted for one-time expenses, however, earnings worked out to $2.56 per share.

These adjusted results beat analysts' expectations of $2.46 per share, according to a survey by Zacks Investment Research.

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The drug maker's revenue rose 34 percent to $2.73 billion, powered by stronger sales of its dermatology and neurology products. Valeant's total revenue of $2.73 billion also beat analysts' forecasts. Three analysts surveyed by Zacks expected $2.53 billion.

For the current quarter ending in September, Valeant expects its per-share earnings to range from $2.60 to $2.70 and revenue to range from $2.6 billion to $2.8 billion.

Valeant shares have soared 94 percent since the beginning of the year. The stock has more than doubled over the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VRX at http://www.zacks.com/ap/VRX

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Keywords: Valeant Pharmaceuticals, Earnings Report