Valeant third-qtr profits beat expectations

Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX) has posted third-quarter 2014 financial results that beat analyst estimates, with the news pushing the shares of the company, which is embroiled in a hostile takeover of Allergan, 3.7% higher to $124.69 in mid-morning trading.

Valeant reported $275.4 million (US dollars) of net income, or $0.82 per share, under standard accounting and $718.8 million after adjustments, resulting in $2.11 per share of adjusted EPS, up 48%. Revenue for the quarter was $2.1 billion, up 33 per cent from a year earlier and about in line with estimates. Analysts had estimated $2 per share of adjusted income, $0.64 in net earnings and $2.08 billion of revenue for the three-month period.

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