13 WTHR - Indianapolis News |Valeant 3Q net income down, results top forecast
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ALISO VIEJO, Calif. (AP) - Valeant Pharmaceuticals International said Monday its third-quarter net income plunged, a year after selling businesses in Europe, Africa, and the Middle East, but adjusted profit topped Wall Street expectations.
Valeant said it earned net income of $37.3 million, or 44 cents per share, down from $202.9 million, or $2.31 per share, during the same period a year prior when it saw gains from the sale of its businesses.
Revenue rose 31 percent to $220.3 million from $168.4 million.
The company said adjusted profit from continuing operations rose threefold to 58 cents per share. Analysts polled by Thomson Reuters expected profit of 49 cents per share on revenue of $193.5 million.
Specialty pharmaceutical sales grew 45 percent to $101.6 million, with increases from dermatology and neurology products.
Valeant boosted its full-year profit outlook to between $2.10 and $2.20 per share, from a prior range of $1.90 to $2.10 per share.
Analysts expect profit of $2 per share.
Shares rose 87 cents, or 3 percent, to $30.27 in morning trading. The stock has traded between $15.64 and $32 over the last 52 weeks.
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