AUG 14, 2013
Valeant Pharmaceuticals reported net income of $10.9 million for the second quarter ended June 30, compared with a loss of $21.6 million for the quarter ended a year earlier. The company also reported the closing of its acquisition of Bausch & Lomb on Aug. 5, which it expects to realize significantly more than $800 million in synergies.
Total Valeant revenues were $1.1 billion for the second quarter, an increase of 41 percent over the prior year, excluding one-time items in the 2012 second quarter.
"The continued outperformance of our businesses, which delivered strong financial results and organic growth despite the genericization of our largest product in April, demonstrates the value of a diversified portfolio," said J. Michael Pearson, Valeant’s chairman and chief executive officer. "We are particularly pleased with the performance of our emerging markets segment, which delivered organic growth of 14 percent.”
Total revenue for 2013 is expected to be in the range of $5.8 billion and $6.2 billion.