Valeant's revenue jumps 86% to hit $2 billion

Canadian pharma company Valeant (Nasdaq: VRX), which is currently attempting a takeover of Allergan, reported a 12-fold increase in income for this quarter compared to a year earlier, thanks to strong growth across almost all of the businesses within it.

Valeant reported a total revenue $2 billion – 86% increase on the same quarter last year. Its earnings hit $126 million, with the company reporting $0.37 per diluted share, or on a cash earnings per share basis, $1.91, which is an increase of 43%.

J Michael Pearson, chairman and chief executive of Valeant, said: "Valeant once again delivered strong quarterly results and, as expected, organic growth has accelerated from the first quarter. As we look across the entire business, I have never been more confident about the growth trajectory across the entire company.  For the first time, we are providing a financial outlook for revenue and organic growth, by business unit and geography, for 2015 and 2016 so that investors can both model and track our performance going forward."