Valeant Pharmaceuticals Posts Upbeat Earnings, Raises Outlook

reported upbeat earnings for the third quarter and raised its full-year forecast. The Laval, Canada-based company reported a quarterly profit of $49.5 million, or $0.14 per share, compared to $275.4 billion, or $0.81 per share, in the year-ago period. Excluding items, the company's cash earnings climbed to $2.74 per share from $2.11 per share. Its revenue climbed 36 percent to $2.79 billion. Analysts were expecting a profit of $2.70 per share on revenue of $2.78 billion. Valeant Pharmaceuticals had estimated earnings of $2.60 to $2.70 per share on revenue of $2.6 billion to $2.8 billion. The average estimate among 46 Estimize users was for earnings of $2.72 per share and revenue of $2.77 billion Sales from Valeant's U.S. dermatology business climbed 53 percent to $465.5 million in the quarter. Its same store sales organic growth was 13 percent in the quarter. "Today, we reported yet another consecutive quarter of strong financial results that exceeded expectations," stated J. Michael Pearson, chairman and chief executive officer. "I am incredibly proud of the hard work and effort put forth by Valeant's employees around the world. I would also like to thank all the doctors who prescribe our products and the patients who use them." For the full-year, the company now projects cash earnings of $11.67 to $11.87 per share, versus its earlier forecast of $11.50 to $11.80 per share. Valeant now expects revenue of $11.0 billion to $11.2 billion, versus prior outlook of $10.7 billion to $11.1 billion. Valeant shares climbed 5.13 percent to close at $177.54 on Friday.