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

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

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.

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