Valeant releases preliminary third-quarter results as stock option practices reviewed

By Lisa Kerner

Charlotte, N.C., Nov. 2 - Valeant Pharmaceuticals International announced preliminary financial information for the 2006 third quarter, with final information not available due to the ongoing review of its stock option practices.

The company reported revenues of $219.4 million; product sales of $199.2 million and royalties of $20.2 million.

Income from continuing operations was reported at $3.9 million, or $0.04 per diluted share, while adjusted for non-GAAP items, income from continuing operations was $13.6 million, or $0.14 per diluted share.

Timothy C. Tyson, president and chief executive officer, said,

"While we continue to see overall positive results, our sales growth for the quarter was weaker than expected," president and chief executive officer Timothy C. Tyson said in a news release.

"Overall demand for our promoted products is good, and we are taking appropriate measures to increase our efforts for those products for which we have experienced recent deceleration or reductions."

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

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