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Quebec pharmaceutical company Valeant has Q2 net profit as revenues jump

July 31, 2014

The Canadian Press

MONTREAL - Valeant Pharmaceuticals International Inc., which is making a hostile takeover bid for Botox maker Allergan, posted a net profit of $126 million and saw its revenues jump.

The Montreal-area company earned 37 cents per diluted share in the quarter. That compares with a net profit of $10.8 million, or three cents per share, in the same quarter last year.

Valeant says its revenues jumped 86 per cent to $2.04 billion, up from $1.095 year-over-year, helped by a strong performance in its U.S. contact lens business and its U.S. Bausch + Lomb consumer eye care businesses.

The company says its adjusted income, excluding items, was $651 million, or $1.91 per diluted share, an increase of 43 per cent over the prior year.

Analysts were expecting $1.98 in adjusted earnings per share and 14 cents in net earnings per share on $2.08 billion in revenues, according to estimates compiled by Thomson Reuters.

Valeant says it will now be providing a financial outlook for revenue and growth, by business unit and geography, for 2015 and 2016 so that investors can track its performance.

California-based Allergan has criticized Valeant's business model as it tries to fend off the more than US$50 billion bid by Valeant (TSX:VRX).

The Quebec-based company has complained to securities regulators about alleged misleading statements by Allergan.

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Source: Canadian Press DataFile

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