Valeant Pharma beats forecasts, turns in profit
Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX) announced second quarter financial results for 2013 reporting earnings of $10.9 million, or $0.03 per share, compared to a loss of $21.6 million, or $0.07 per share, in the like 2012 quarter.
Total revenue climbed 34% to $1.1 billion (up 41% excluding one-time items in second-quarter 2012), and Generally Accepted Accounting Principles (GAAP) earnings per share were $1.34, an increase of 54% excluding one-time items. Valeant received a one-time payment of $45 million in the second quarter of 2012 from GlaxoSmithKline for the US market launch of Potiga (ezogabine).
Analysts expected, on average, earnings of $1.28 per share on $1.09 billion in revenue, according to FactSet.
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