Valeant second-quarter revenues increase 12% to $230.2 million

By Lisa Kerner

Charlotte, N.C., Aug. 3 - Valeant Pharmaceuticals International said its second-quarter 2006 revenues increased 12% to $230.2 million from $205.0 million for the same quarter in 2005.

Product sales were up 15% to $208.5 million from $180.8 million in the prior-year period.

The company's net loss from continuing operations was $44.9 million, or $0.49 per diluted share, compared with net income of $1.4 million, or $0.02 per diluted share, for second-quarter 2005.

Adjusted income from continuing operations for the quarter was $14.2 million, or $0.15 per diluted share, up from $7.6 million, or $0.08 per diluted share, in the prior-year period.

For the six-month period ended June 30, Valeant reported revenues of $429 million, up from $386.2 million in the year-ago period.

Product sales for the first half of the year were up 14% to $389.3 million from $342.6 million for the first half of 2005.

Valeant reported a net loss from continuing operations for the six months of $51.4 million, or $0.55 per share, compared with $139.8 million, or $1.50 per share, for the prior-year period.

"We're very pleased with the results for the second quarter of 2006, which reflect an improvement in product sales and a continued control of expenses," said Timothy C. Tyson, president and chief executive officer, in a news release. "Sales were higher due to acquired products and an overall growth in promoted brands. All of our regions did an excellent job in holding the line on expenses in the quarter.

"Our restructuring initiative has begun to take hold and will further improve costs, driving significant benefits to the bottom line.

"The expected growth in product sales and the benefits from our restructuring plan continue to give us confidence in our ability to achieve our metric targets for the year and our previously communicated earnings targets."

Valeant said it settled its lawsuit against its former chairman and chief executive officer, Milan Panic, that resolves all claims between Panic and the company. The settlement will result in a gain of about $18 million to be recorded in the third quarter of 2006.

Valeant is a specialty pharmaceutical company located in Costa Mesa, Calif.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.