Valeant 3Q Net Income Down, Results Top Forecast

ALISO VIEJO, Calif. (AP) — Valeant Pharmaceuticals International said Monday its third-quarter net income plunged, a year after selling businesses in Europe, Africa, and the Middle East, but adjusted profit topped Wall Street expectations.

Valeant said it earned net income of $37.3 million, or 44 cents per share, down from $202.9 million, or $2.31 per share, during the same period a year prior when it saw gains from the sale of its businesses.

Revenue rose 31 percent to $220.3 million from $168.4 million.

The company said adjusted profit from continuing operations rose threefold to 58 cents per share. Analysts polled by Thomson Reuters expected profit of 49 cents per share on revenue of $193.5 million.

Specialty pharmaceutical sales grew 45 percent to $101.6 million, with increases from dermatology and neurology products.

Valeant boosted its full-year profit outlook to between $2.10 and $2.20 per share, from a prior range of $1.90 to $2.10 per share.

Analysts expect profit of $2 per share.

Shares rose 87 cents, or 3 percent, to $30.27 in morning trading. The stock has traded between $15.64 and $32 over the last 52 weeks.