UPDATE: Valeant Pharmaceuticals Posts Upbeat Q3 Earnings, Lifts Forecast

Valeant Pharmaceuticals International VRX reported stronger-than-expected earnings for the third quarter and lifted its earnings forecast. The Laval, Canada-based company posted quarterly earnings of $275.4 million, or $0.81 per share, versus a year-ago loss of $973.2 million, or $2.92 per share. Excluding certain items, the company's cash earnings jumped to $2.11 per share from $1.43 per share. Its revenue rose 33% to $2.06 billion. However, analysts were expecting earnings of $1.99 per share on revenue of $2.06 billion. Valeant's dermatology unit sales climbed 33% to $272.8 million, while its consumer segment sales jumped 43% to $141.4 million. Ophthalmology unit's revenue climbed 57% to $117.8 million in the quarter. Its total same store sales organic growth was 19% in the quarter J. Michael Pearson, chairman and chief executive officer said, "With our acquisition of Bausch + Lomb now annualized (August 5) and the impact of generics largely behind us, the true strength of our business and operating model can be clearly seen by our financial results.” Valeant now expects FY15 earnings of $10 per share. It now expects Q4 earnings of $2.45 to $2.55 per share, versus its earlier forecast of $2.35 to 2.45 per share. It raised its FY14 earnings forecast to $8.22 to $8.32 per share from $7.90 to $8.10 per share. Valeant shares rose 1.41% to close at $120.21 yesterday.