(Adds details, forecast)
July 23 (Reuters) - Drugmaker Valeant Pharmaceuticals
International Inc VRX.TO VRX.N reported a
better-than-expected quarterly profit, helped by strength in its
dermatology business in the United States.
The company also raised its earnings and revenue forecast
for the year to reflect sales of recently acquired Salix
Pharmaceuticals' irritable bowel syndrome drug, Xifaxan.
The U.S. Food and Drug Administration approved Xifaxan, also
known as rifaximin, in May. Valeant acquired the drug with its
$11-billion purchase of Salix earlier this year. ID:nL1N0YI2OH
Valeant said it expects 2015 revenue of $10.7 billion-$11.1
billion, up from its $10.4 billion-$10.6 billion. It also raised
its adjusted profit forecast to $11.50-$11.80 per share, from
$10.90-$11.20.
The company, under Chief Executive Michael Pearson, has
grown rapidly through acquisitions.
Valeant said last week it would buy Egypt's largest
drugmaker, Amoun Pharmaceutical, for about $800 million.
ID:nL4N0ZX3S3
Pearson, named chief executive in 2008, started snapping up
dermatology products such as sunscreen and anti-aging products
as part of aggressive revenue growth targets.
The net loss attributable to the company was $53 million, or
15 cents per share, in the second quarter ended June 30,
compared with net profit of $125.8 million, or 37 cents per
share, a year earlier. ID:nPncdhrxk
Cash earnings, or profit adjusted for one-time items, was
$2.56 per share, above the average analyst estimate of $2.46 per
share, according to Thomson Reuters I/B/E/S.
Total revenue rose to $2.73 billion, above analysts' average
estimate of $2.54 billion.