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Valeant Losses Total $116M

Thu, 02/28/2013 - 8:30am
Valeant Pharmaceuticals International Inc. reports it had both a fourth-quarter and full-year net loss amid higher operating expenses and booked larger items related to restructuring and acquisitions.
 
The Montreal-based pharmaceutical company, which is Canada's largest publicly traded drug maker, says its net loss was $89.1 million or 29 cents per diluted share in the latest period.
 
For the full year, the loss was $116 million or 38 cents per share.
 
That compared with net earnings of $44.8 million or 18 cents in its fourth quarter a year ago and a full-year net profit of $159.6 million or 49 cents per share for all of 2011.
 
Meanwhile, revenue soared in both periods, up 43 per cent to $986.3 million in Q4 and rising to $3.55 billion for all of 2012 compared with $2.46 billion in 2011.
 
Valeant completed the acquisition of Medicis Corp. on Dec. 11, but said its operations had no material impact on the results for the fourth quarter.
 
Excluding the interest expense related to the acquisition of Medicis, cash earnings per share for the fourth quarter were $1.34, an increase of 43 per cent over the fourth quarter of 2011.
 
On a cash EPS basis for the full year, adjusted income was $1.41 billion or $4.51 per diluted share, an increase of 54 per cent over the full year 2011. Excluding the interest expense related to the acquisition of Medicis, cash EPS for 2012 was $4.63, an increase of 58 per cent over 2011, Valeant said.
 
Date: February 28, 2013
Source: The Canadian Press/Associated Press
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