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, sending its shares
higher in early trade.
The Canadian company also raised its earnings and revenue
forecasts 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 prior guidance of $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.
Valeant shares were up 3.5 percent at C$323.20 in early
trading in Toronto.
The company, under Chief Executive Michael Pearson, has
grown rapidly through acquisitions. On Thursday, Valeant said it
is acquiring Commonwealth Laboratories Inc's Canadian and U.S.
business. ID:nASB09WZU
Valeant said last week it would buy Egypt's largest
drugmaker, Amoun Pharmaceutical, for about $800 million, which
Pearson said was expected to close by the fourth quarter.
ID:nL4N0ZX3S3
"It should be quite accretive," Pearson said of the Amoun
acquisition in a conference call with analysts. "We will get
some synergies with this deal."
Pearson declined to comment on whether Valeant was
interested in the animal health sector following market rumors
in late June that the Montreal-area company was looking at
animal health company Zoetis.
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.