UPDATE: Valeant Pharmaceuticals Posts Higher Q2 Profit

Valeant Pharmaceuticals International

reported a rise in its second-quarter profit. The Laval, Canada-based company reported a quarterly profit of $125.8 million, or $0.37 per share, versus a year-ago profit of $10.8 million, or $0.03 per share. Excluding certain items, its cash earnings surged to $1.91 per share versus $1.34 per share. Its revenue climbed 86% to $2.04 billion. However, analysts were expecting earnings of $1.90 per share on revenue of $2.04 billion. Valeant's same store organic product sales rose 4% in the quarter. Excluding the impact of generics, its same store organic product sales surged 10%. Same store organic sales surged 17% in Asia, while same store sales climbed 13% in emerging markets in Europe. "Valeant once again delivered strong quarterly results and, as expected, organic growth has accelerated from the first quarter," said J. Michael Pearson, chairman and chief executive officer. Valeant shares fell 0.74% to $124.90 in pre-market trading.