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Canadian drug giant posts loss
MONTREAL -- Valeant Pharmaceuticals International (TSX:VRX) swung to a $21.6-million net loss in the second quarter on restructuring and acquisition charges, and also on the settlement costs of a class-action lawsuit against the company.
The loss for the quarter amounted to seven cents per diluted share, compared to a profit of 17 cents per diluted share, or $56.4 million, year over year.
Canada's largest publicly traded drug company reported revenue grew to $820.1 million in the quarter, up from $609.4 million in the same period last year, but still missing analyst expectations.
Valeant said it incurred several higher expenses in the second quarter, including $53.6 million related to the settlement of a class-action anti-trust complaint.
The company also incurred $43.9 million in restructuring and acquisition-related costs during the quarter, $14.4 million more than it spent on restructuring and acquisitions during the same period last year.
The results came in slightly below analyst expectations, which were for $830 million in revenue, according to Thomson Reuters. Cash earnings per share were $1.01, a penny lower than analyst predictions of $1.02.
The company says its U.S. dermatology business performed exceptionally well, while its U.S. neurology segment declined.
At an annual shareholder meeting in May, CEO Michael Pearson said the company will focus on growing niche markets where it won't have to compete with "big pharma."
-- The Canadian Press
Republished from the Winnipeg Free Press print edition August 3, 2012 B14
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