Valeant beats Street 3Q forecasts

Markets Associated Press

Valeant Pharmaceuticals International Inc. (VRX) on Tuesday reported third-quarter net income of $1.3 billion, after reporting a loss in the same period a year earlier.

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The Laval, Quebec-based company said it had net income of $3.69 per share. Earnings, adjusted for non-recurring gains, were $1.04 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.

The drugmaker posted revenue of $2.22 billion in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $2.17 billion.

Valeant expects full-year revenue in the range of $8.65 billion to $8.8 billion.

Valeant shares have dropped 17 percent since the beginning of the year. The stock has declined 37 percent in the last 12 months.

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