Michael Pearson of Valeant
Canada's Valeant Pharmaceuticals International posted a quarterly profit Monday, as acquisitions and growth in the drug maker's dermatology business boosted revenue, offsetting the impact of a stronger U.S. dollar.
The Mississauga, Ont.-based company has been on the acquisition trail since Biovail Corp., Canada's largest publicly-owned pharmaceutical company, took over U.S.-based Valeant and assumed the Valeant name.
For the fourth quarter ended Dec. 31 , net income was $55.9-million, or 18 cents per share, compared with a net loss of $31.1-million, or 10 cents, a year ago. Revenue rose 34 per cent to $688.5-million.
Adjusted cash income was $297.7-million, or 94 cents per share. Analysts, on average, had expected earnings of 85 cents per share, according to Thomson Reuters I/B/E/S.