Valeant posts a narrowed 2nd-qtr loss but cuts revenue guidance

8 August 2017

Beleaguered Canadian firm Valeant Pharmaceuticals International (TSX: VRX) reported a 7.8 % decline in revenues to $2.23 billion in the second quarter of 2017, hurt by lower volume and pricing of its generic and neurology products.

Net loss for the quarter attributable to Valeant narrowed to $38-million from $302-million a year earlier. The decrease in net loss is mainly due to income tax gains and increase in operating income. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA; non-GAAP) saw a sequential Increase of 10% to $951 million, beating consensus expectations of $910.8 million.

Valeant reported a second-quarter loss per share of $0.11), versus the $0.88 loss reported in the like period last year. The company’s share price rose 9.7% to $16.78 in pre-market trading, despite also announcing a setback for an ophthalmic product’s approval.

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